Economy part 4 Important Question on NFFI

1 What is NFFI ? 

Ans = Difference between a nations  GNP-GDP

2 Which is calculated as the difference between the total amount that a country's citizens + company earn abroad, and the total sum of amount that the foreign citizens +companies Eran in the country 

Ans = NFFI 

3 what is the full form of NFFI?  

Ans = Net foreign factor income 

4 In mathetical term NFFI? 

Ans= NFFI = GNP-GDP. 

5 What is the full form of BEA? 

Ans = Bureau of economic analysis 

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Economy part 3 Important questions on GNP by Md kashif hayat

1.What is the full form of GNP? 

Ans= Gross National Product

2 How can GNP be calculated? 

Ans= It can be calculated by the total value of all the final products and services produced in a given period by a countrys resident. 

3 What is Net Exports? 

Ans= It is the difference between what a country exports ( X) - any imports ( M) of goods and services produced within a financial year. 

Note = GNP is final Goods produced by the citizen of a country irrespective of where they produced. 

4 Define the formula of GNP? 

Ans= GNP=GDP+NFFI ( X-M)  

here, X = Income from abroad, M= foreigners income from India 

NFFI = Net foreign factor income 

5 Define NFFI? 

Ans = it is the difference between a nations GNP and GDP 

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part 2 Important economy Questions and answers on GDP by Md kashif hayat

1 Define GDP 

Ans = It is the market value of all final goods and services produced within a financial year by factors of production located within a country, or simply total market values of country output. 

2 How can GDP be estimated? 

Ans = GDP can be estimated at both factor cost and market price. 

3 What is factor cost? 

Ans= It is the price of commodity from producer side. 

4 What is market price? 

Ans = When indirect taxes imposed on commodity it is called market price. 

5 Define the formula of factor cost? 

Ans = FACTOR COST = MARKET COST + SUBSIDIES - INDIRECT TAXES 

6 define the formula for Market cost? 

Ans = FACTOR COST - SUBSIDIES + INDIRECT TAXES 

7 Define the formula for GDP? 

Ans = GDP = C ( consumption expenditure of households)  + GI ( gross investment by firms)  + G ( Government expenditure)  + ( X-M)  ( Value of exports - value of imports) 

or GDP=C+GI+G+(X-M) 

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10 Important economy mcq on National income part 1 Md kashif hayat

1 Financial year start and end on? 

Ans = 1 April to 31st March 

2 Which is used to measure the size of economy and level of country's economic performance. 

Ans = National income 

3 Which is used to make international comparison of people's living standerds? 

Ans = National income 

4 Important methods for calculating national Income is? 

Ans= GDP, GNP, NDP, PDI

5 Total money value of all final goods and services produced in a financial year is known as? 

Ans = National income

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