Question
In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called
Answer: Option A
Answer: (a)
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
GNP measures the value of goods and services that the country’s citizens produced regardless of their location.
Gross National Income - It is total domestic and foreign output claimed by residents of a country consisting of GDP plus factor income earned by foreign residents minus income earned in the domestic income by nonresidents.
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Answer: (a)
GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
GNP measures the value of goods and services that the country’s citizens produced regardless of their location.
Gross National Income - It is total domestic and foreign output claimed by residents of a country consisting of GDP plus factor income earned by foreign residents minus income earned in the domestic income by nonresidents.
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