Economics · National Income Accounting
Which of the following statements is INCORRECT regarding Net National Product (NNP) at factor cost (National Income) of a country?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It represents the value over a specific period, usually one year.
- 2It excludes net indirect taxes when calculated at factor cost.
- 3It includes the factor income earned by non-residents (foreigners) within the domestic territory.✓
- 4It includes net factor income earned by citizens residing abroad.
Correct answer
It includes the factor income earned by non-residents (foreigners) within the domestic territory.
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