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NextQ85

Following are the steps to measure National Income (NNP_FC) by Value Added method : (i) Calculate Domestic Income (NDP_FC) by subtracting Depreciation and Net Indirect Taxes from GDP_MP. (ii) Estimate GDP_MP by adding GVA of each firm. (iii) Estimate and add Net Factor Income from Abroad to NDP_FC to arrive at NNP_FC. (iv) Identify and classify the production units into primary, secondary and tertiary sector. The correct order of arrangement of steps would be : (Choose the correct option)

Nominal vs. Real GDP and Related ConceptsStudy Simplify SpecialPYQ1MCQ
Question 84

"The Ministry of Statistics and Programme Implementation (MoSPI) is underway to revise the base year of Gross Domestic Product (GDP). The base year is revised periodically to better capture the structural changes happening in the economy. The proposed new base year for the GDP is 2022 - 23." The step taken by the Government of India is for revision of ___________ Gross Domestic Product (GDP), as it is measured at ___________ prices. (Choose the correct option to fill in the blanks)

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