1. Define NDPfc.
2. Define GNPmp.
Answers
Answer:
GNPmp refers to the value of goods and services produced by the normal residents of country within the country and outside the country too. GNPmp = GDPmp + NFIA. while. NDPfc refers to the aggregate of factor income earned by all the factors of production in form of rent, interest, profit and wages.
Answer:
Net Domestic Product at Factor Cost (NDPFC): It refers to net money value of all the final goods and services produced within the domestic territory of a country during a period of one year. DPFC = GDPMP – Net Indirect Taxes – Depreciation NDPFC is also known as Domestic Income or Domestic factor income.
GNPMP is defined as market value of all the final goods and services produced in the domestic economy during an accounting year plus net factor income from abroad. (ii) NNPMP = GNPMP - Depreciation. (iii) GNPFC = GNPMP - Net indirect taxes.
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