NextQ52

(i) On the basis of the data given below, estimate the value of Gross National Product at Factor Cost (GNP_FC) : (ii) Differentiate between positive externalities and negative externalities. (i) Gauhar, has recently completed her fashion designing studies and started a boutique. To produce dresses for sale, she purchased various materials, including a sewing machine, fabric, buttons and thread. These items are essential for producing the dresses. Classify the material purchased by Gauhar as Final or Intermediate goods, giving valid reasons in support of the classifications. (ii) "In a two sector economy, National income is always more than Domestic income." Defend or refute the given statement with reasons.

Nominal vs. Real GDP and Related ConceptsStudy Simplify SpecialPYQ3SQ
Question 51

Define Nominal Gross Domestic Product. How is it different from Real Gross Domestic Product ?

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