Official Answer Key & Detailed Solution
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Correct Answer: Option (B) — Net National Product at factor cost
Concept & Option Breakdown
Standard Reference VerifiedIn national income accounting, traditionally National Income (NI) is formally defined as Net National Product at Factor Cost (NNP_FC). It measures the net value of all final goods and services produced by normal residents of a country, valued at factor cost (Market Price minus Indirect Taxes plus Subsidies).
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