Which of the following statement is not correct?
1
GNP at factor cost measures value of output received by the factors of production belonging to a country in a year.
2
NNP at factor cost measures value of output received by the factors of production belonging to a country in a year.
3
GDP at factor cost is gross domestic product at market prices, less net product taxes.
4
NDP at factor cost is the income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country.