Calculate Net Domestic Product at Market Price (NDPMP) from the data given below:
S. No. Particulars Amount (in ₹ lakh) (i) Gross Domestic Product at Factor Cost 2200 (ii) Subsidies 50 (iii) Indirect Taxes 70 (iv) Net Factor Income from Abroad 100 (v) Consumption of Fixed Capital 150 (vi) Net Exports 40
Calculate Net Domestic Product at Market Price (NDPMP) from the data given below:
| S. No. | Particulars | Amount (in ₹ lakh) |
|---|---|---|
| (i) | Gross Domestic Product at Factor Cost | 2200 |
| (ii) | Subsidies | 50 |
| (iii) | Indirect Taxes | 70 |
| (iv) | Net Factor Income from Abroad | 100 |
| (v) | Consumption of Fixed Capital | 150 |
| (vi) | Net Exports | 40 |
Show Hint
Solution and Explanation
Step 1: Understand the formula
To calculate the Net Domestic Product at Market Price (NDPMP), we need to adjust the Gross Domestic Product at Factor Cost (GDPFC) by considering indirect taxes and subsidies. The formula is:
NDPMP = Gross Domestic Product at Factor Cost + Indirect Taxes - Subsidies
Step 2: Identify the values
We are given the following values:
- Gross Domestic Product at Factor Cost (GDPFC) = 2200 lakh
- Indirect Taxes = 70 lakh
- Subsidies = 50 lakh
Step 3: Apply the formula
Now, we substitute the given values into the formula:
NDPMP = 2200 + 70 - 50
Step 4: Simplify the equation
First, add the indirect taxes (70) and subtract the subsidies (50) from the Gross Domestic Product at Factor Cost (2200):
2200 + 70 = 2270
2270 - 50 = 2220
Step 5: Final result
The Net Domestic Product at Market Price (NDPMP) is 2220 lakh.
Top CBSE CLASS XII Economics Questions
___________ farming is a system that is helpful in restoring, maintaining and enhancing the ecological balance.
(Choose the correct alternative to fill in the blank):The present day rapid industrial growth in China can be traced back to the economic reforms introduced in 1978, where ________ .
(Choose the correct alternative to fill in the blank):
(i) Initially reforms were initiated in agriculture, foreign trade and investment sectors.
(ii) The policy of dual pricing was adopted.
(iii) The Government revoked the policy of Special Economic Zones.Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below:
Assertion (A): In the recent past, Indian economy has been facing the problem of jobless growth.
Reason (R): Jobless growth refers to a situation where an economy is able to produce more goods and services without generating additional employment.Read the following statements carefully:
Statement 1: India, Pakistan, and China have similar physical endowments but totally different political systems.
Statement 2: Both India and Pakistan laid great emphasis on creating a large private sector.Read the following statements carefully:
Statement 1: India, Pakistan and China have similar physical endowments, but totally different political systems.
Statement 2: Both India and Pakistan laid great emphasis on creating a large private sector.
Top CBSE CLASS XII National Income Accounting Questions
- Identify which of the following statements is incorrect with reference to an economy.
- On the basis of the given data, estimate the value of National Income:
- State any three precautions to be taken while estimating National Income by Expenditure Method.
- Explain the concept of circular flow of income in a two-sector economy.
- “Gross Domestic Product (GDP) and sum of Gross Value Added (GVA) in an economy are always equal.” Justify the given statement with valid arguments.
Top CBSE CLASS XII Questions
- 2, b, c are in A.P. and the range of determinant $\begin{vmatrix}1&1&1\\ 2&b&c\\ 4&b^{2}&c^{2}\end{vmatrix}$ is [2, 16]. Then find range of c is
- A boy of mass 50 kg is standing at one end of a, boat of length 9 m and mass 400 kg. He runs to the other, end. The distance through which the centre of mass of the boat boy system moves is
- A capillary tube of radius r is dipped inside a large vessel of water. The mass of water raised above water level is M. If the radius of capillary is doubled, the mass of water inside capillary will be
- A circular disc is rotating about its own axis. An external opposing torque 0.02 Nm is applied on the disc by which it comes rest in 5 seconds. The initial angular momentum of disc is
- A circular disc is rotating about its own axis at uniform angular velocity \(\omega.\) The disc is subjected to uniform angular retardation by which its angular velocity is decreased to \(\frac {\omega}{2}\) during 120 rotations. The number of rotations further made by it before coming to rest is