Question : ____________ measures the aggregate production of final goods and services taking place within the domestic economy during a year.
Option 1: Gross national income
Option 2: Gross domestic product
Option 3: Net national product
Option 4: National income at factor price
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Correct Answer: Gross domestic product
Solution : The correct answer is Gross domestic product.
Gross Domestic Product (GDP) measures the aggregate production of final goods and services taking place within the domestic economy during a specific time, typically in a year. GDP is a key indicator of the overall economic health and performance of a country.
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Question : If we deduct depreciation from GNP (gross national income), the measure of aggregate income that we obtain is called _____________.
Option 1: Gross Domestic Product at market prices
Option 2: Gross Domestic Product
Option 3: Net National Product
Option 4: Personal income
Question : What is the Net National Product?
Option 1: The product of gross national product and depreciation is net national product.
Option 2: The sum of gross national product and income of foreigners is net national product.
Option 3: Net National product is equal to gross national product.
Option 4: The difference between gross national product and depreciation is net national product.
Question : Gross National Product - Depreciation Allowance = ?
Option 1: Per capita Income
Option 3: Pesonal Income
Option 4: Net National Product
Question : The Gross domestic product (GDP) estimation method measuring the aggregate value of goods and services produced by the firms is called _______.
Option 1: expenditure method
Option 2: consumption method
Option 3: income method
Option 4: product method
Question : Net Investment plus Depreciation gives an estimate of which of the following?
Option 1: Gross Domestic Product
Option 2: Personal income
Option 3: Gross investment
Option 4: Private investment
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