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National Income Accounting

Question
CBSEENEC12013559
Wired Faculty App

What is nominal gross domestic product? 

Solution

Nominal Gross Domestic Product refers to the market value of all the final goods and services produced within the domestic territory during an accounting year as estimated with reference to current year prices

Some More Questions From National Income Accounting Chapter

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).

Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)

Briefly explain the following basic concepts related to NI:
Net Factor Income from Abroad (NFIA)

Briefly explain the following basic concepts related to NI:
Value of Output vs. Value Added

Briefly explain the following basic concepts related to NI:
Factor Payment (Income) vs. Transfer Payment (Income)

Briefly explain the following basic concepts related to NI:
Sources of Domestic Income

Briefly explain the following basic concepts related to NI:
Sectors of an Economy

Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school.
(ii) Chalks, dusters purchased by a school.

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