Which of the following represents the purest measure of a country's National Income?
- GDP at Market Price
- NDP at Factor Cost
- NNP at Factor Cost
- GNP at Market Price
Answer: NNP at Factor Cost
Net National Product (NNP) at Factor Cost is universally recognized as 'National Income'. It represents the total net income earned by the residents of a country from the production of goods and services, excluding indirect taxes and including subsidies, and after accounting for the depreciation of capital assets.