'Q7 _ What do you mean by Gross National Product? a) The total value of goods and services produced in the country b) The total value of all the transactions in the country c) The depreciation in the total value of goods and services produced in the country d) The total value of goods and services produced in the country and the net factor income from abroad'
Added by Martin C.
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Gross National Product (GNP) is the total value of all final goods and services produced within a nation 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. Show more…
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a Gross domestic product is both the total income in an economy and the total expenditure on the economy's output of goods and services. b In a closed economy, net exports are zero. c National saving is the sum of private saving and public saving. d Purchases of capital goods are excluded from GDP.
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