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Ans – (d) Statement 1 is false Domestic Income considers all producers who are normal residents and non-residents of the country. Statement 2 is true Domestic income only includes the value of goods and services produced within the domestic territory…

Answer – (c) Statement 1 is true as Gross Domestic Product at Market Price is a territorial concept Reason:- Gross Domestic Product is the sum of the value of goods and services produced within the domestic territory of a country…

Ans – (a) Statement 1 is true NDP at Fc (Net Domestic Product at Factor Cost) is also known as Domestic Income. Statement 2 is true as NDP at FC is less than NNP at FC when net factor income…

Ans – (a) Assertion (A) is true as National Income is a national concept Reason (R) is also true as national income includes value of final goods and services produced in the entire world by all producers who are normal…

Ans – (a) Assertion (A) is true as Domestic Income is equal to National Income in case of closed economy. Reason (R) is also true as closed economy has no economic relations with resto of the world The Reason (R)…

Ans – (c) Assertion (A is true Domestic Income is a territorial concept But Reason (R) is False as Domestic Income includes value of final goods and services produced within the domestic territory.  

Ans:- (i) – e (ii) – d (iii) – a (iv) – c (v) – b

Ans:- (i) – (a) NDP at FC = GNP at MP – Depreciation – Net Factor income from abroad – Net indirect taxes

Answer – (i) – (b) GNP at MP = NDP at FC + Depreciation – Net Factor income to abroad + Net Indirect Taxes

Ans – (b) NDP at MP = GDP at FC – Depreciation + Net Indirect Taxes