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V.K.R.V. Rao national income correct; GDP GNP NNP measurement excludes capital gains illegal income.
Ref: NCERT Economics Class XII Chapter 1 National Income Accounting explains GDP GNP NNP measurement methods circular flow concepts clearly.
Dadabhai Naoroji national income correct; GDP GNP NNP measurement excludes capital gains illegal income.
Ref: NCERT Economics Class XII Chapter 1 National Income Accounting explains GDP GNP NNP measurement methods circular flow concepts clearly.
Both a and b correct per microeconomics basics; central problems scarcity choice opportunity cost.
Ref: NCERT Economics Class XI Chapter 1 Introduction to Microeconomics explains central problems scarcity choice PPC opportunity cost concepts clearly.
Ragnar Frisch coined micro and macro distinction; divided economics into two branches.
Ref: NCERT Economics Class XI Chapter 1 Introduction to Microeconomics explains central problems scarcity choice PPC opportunity cost concepts clearly.
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