Question
Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country?
Answer: Option B
Answer: (b)
Gross National Product (GNP) is defined as “the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.”
It is contrasted to Gross domestic product (GDP), defined as “the value of all final goods and services produced in a country in 1 year.”
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Answer: (b)
Gross National Product (GNP) is defined as “the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.”
It is contrasted to Gross domestic product (GDP), defined as “the value of all final goods and services produced in a country in 1 year.”
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