Official Answer Key & Detailed Solution
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Correct Answer: Option (C) — gross national product at market prices minus depreciation and indirect taxes plus subsidies
Concept & Option Breakdown
Standard Reference VerifiedNational Income is defined theoretically as Net National Product at Factor Cost (NNP_FC).
- GNP at Market Prices - Depreciation = NNP at Market Prices.
- NNP at Market Prices - Indirect Taxes + Subsidies = NNP at Factor Cost (National Income).
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