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Which one of the following statements is correct regarding Net Domestic Product? 1. GDP is the NDP calculated after adjusting the weight of the value of depreciation. 2. NDP = GDP + GNP - Depreciation

Which one of the following statements is correct regarding Net Domestic Product? 1. GDP is the NDP calculated after adjusting the weight of the value of depreciation. 2. NDP = GDP + GNP - Depreciation Correct Answer <div class="gtx-body" style="display: inline; margin: 5px auto; padding: 5px 0px; ">Only 1</div>

The correct answer is Only 1.

Key Points

  • GDP is the NDP calculated after adjusting the weight of the value of depreciation.
  • Net Domestic Product (NDP) is GDP estimated after correcting for the weight of depreciation's value.
  • This is essentially the net version of GDP, i.e., GDP minus the total value of the wear and tear (depreciation) that occurred in the assets while the products and services were created.
  • NDP = GDP - Depreciation
  • Gross National Product (GNP) is a country's GDP plus its foreign revenue.
  • Gross Domestic Product (GDP) is the total worth of all final products and services produced within the borders of a country in a given year.

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