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    5. Which of the following is called as the National Income?

    Question

    Which of the following is called as the National

    Income?
    A Gross National Product at Factor Cost Correct Answer Incorrect Answer
    B Gross National Product at Market Price Correct Answer Incorrect Answer
    C Net National Product at Factor Cost Correct Answer Incorrect Answer
    D Net National Product at Market Price Correct Answer Incorrect Answer

    Solution

    National Income is Net National Product at factor cost. NNP at factor cost = National Income (NI ) = NNP at market prices - (Indirect taxes - Subsidies).

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