Which of the following equation is/are INCORRECT? I. NI = NDP + Net Foreign Income II. GNP = GDP + Net Foreign Income III. NDP = GNP – Depreciation

Which of the following equation is/are INCORRECT? I. NI = NDP + Net Foreign Income II. GNP = GDP + Net Foreign Income III. NDP = GNP – Depreciation Correct Answer Only (III)

Option (III) is incorrect. Correct solution is NNP = GNP – Depreciation as Net national product (NNP) refers to gross national product (GNP), i.e. the total market value of all final goods and services produced by the factors of production of a country or other polity during a given time period, minus depreciation.