National income tricks for SSC, UPSC, Railways, competitive exams

Definition of 'Gross Domestic Product'

Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.
Watch Video for more explanation:

GDP = C + I + G + (X-M) where

C: Household spending
I: Capital Investment spending
G: Government spending
X: Exports of Goods and Services
M: Imports of Goods and Services

Tricks:

If we want to convert Gross to Net

Gross- Depreciation = Net

Depreciation: - Depreciation refers to fall in the value of fixed assets due to normal wear and tear, the passage of time and expected obsolescence.

If we want to convert Domestic to National

Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by a country's residents.

Domestic + Net Foreign Income

Net Foreign Income: Exports - Imports ( X-M )

Domestic + X- M ( Net Exports)

If we want to convert Market price to Factor cost

At Factor cost: Market price - Indirect taxes + subsidies

Factor cost or national income by type of income is a measure of national income or output based on the cost of factors of production, instead of market prices.

Example: land, labor, Capital

Total cost

Total Quantity

Market Price: Includes indirect taxes + profit

If we want to convert Market price to Factor cost

At Factor cost: Market price - Indirect taxes + subsidies

Define nominal GDP

GDP measured in terms of current market prices

Define Real GDP.

GDP computed at constant prices (base year price)

Real GDP

rGDP=nominal GDP/Price Index

Price Index

Price Index=Current year cost/base year cost x 100

Per Capita Income:

National Income/ Total Population

Practice Questions:

1) Per Capita Income is obtained by dividing National Income by:

1.Total population of the country

2.Total working population

3.Area of the country

4.Volume of the capital used

2) Depreciation is:

1.GNP- NNP

2.NNP- GNP

3.GDP- GNP

3) What is NNP of any country?

1 GDP- depreciation

2 NDP+ Net Exports

3 GNP- Depreciation

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