Tertiary sector of the Indian economy contributes largest to the GNP. During last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-primary, secondary and tertiary. Primary sector is involved into agriculture, secondary sector is involved into manufacturing, mining, construction while tertiary sector is involved into trade, transport, communication, banking & other services. In the last decade, India has expanded maximum in providing services like IT, telecommunication, healthcare, tourism which is contributing around 60% to GDP.

Correct Option: C

Tertiary sector of the Indian economy contributes largest to the GNP. During last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-primary, secondary and tertiary. Primary sector is involved into agriculture, secondary sector is involved into manufacturing, mining, construction while tertiary sector is involved into trade, transport, communication, banking & other services. In the last decade, India has expanded maximum in providing services like IT, telecommunication, healthcare, tourism which is contributing around 60% to GDP.

NNP at factor cost is equivalent to national income. Net National Product at factor cost is the aggregate made to the factors of production. NNP at FC is the total incomes earned by all the factors of production in the form of wages, profits, rent, interest etc. plus net factor income from abroad. Similarly National income is the sum total of wages, rent, interest, and profit earned by the factors of production of a country in a year. Thus it is the aggregate values of goods and services rendered during a given period counted without duplication.

Correct Option: D

NNP at factor cost is equivalent to national income. Net National Product at factor cost is the aggregate made to the factors of production. NNP at FC is the total incomes earned by all the factors of production in the form of wages, profits, rent, interest etc. plus net factor income from abroad. Similarly National income is the sum total of wages, rent, interest, and profit earned by the factors of production of a country in a year. Thus it is the aggregate values of goods and services rendered during a given period counted without duplication.

When development in economy takes place,the share of tertiary sector in national income keeps on increasing because tertiary sector is involved into services within and outside the country. With development the disposable income of individuals income results in growth of banking, trading, communication etc., both domestically and internationally.

Correct Option: C

When development in economy takes place,the share of tertiary sector in national income keeps on increasing because tertiary sector is involved into services within and outside the country. With development the disposable income of individuals income results in growth of banking, trading, communication etc., both domestically and internationally.

National Income is based on the production of goods and services. A variety of measure of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI* adjusted for natural resource depletion). All are specially concerned with counting the total amount of goods and services produced within some "boundary".

Correct Option: B

National Income is based on the production of goods and services. A variety of measure of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI* adjusted for natural resource depletion). All are specially concerned with counting the total amount of goods and services produced within some "boundary".

Net National Product (NNP) of a country is GNP minus depreciation allowances. NNP is the actual addition to year's wealth. While calculating GNP, we ignore depreciation of assets but in reality the process of production uses up the fixed assets or there is some wear and tear or fixed assets by process of depreciation. In order to arrive at NNP we deduct depreciation from GNP.

Correct Option: D

Net National Product (NNP) of a country is GNP minus depreciation allowances. NNP is the actual addition to year's wealth. While calculating GNP, we ignore depreciation of assets but in reality the process of production uses up the fixed assets or there is some wear and tear or fixed assets by process of depreciation. In order to arrive at NNP we deduct depreciation from GNP.