Question : Which of the following represents the income earned by foreign factors of production located within a country?
Option 1: Gross National Product (GNP)
Option 2: Net Domestic Product (NDP)
Option 3: Net National Product (NNP)
Option 4: Personal income
Correct Answer: Gross National Product (GNP)
Solution : The correct answer is (a) Gross National Product (GNP).
Gross National Product (GNP) represents the total value of all final goods and services produced by a country's residents, regardless of their location. It includes the income earned by both domestic factors of production and foreign factors of production located within the country.
The income earned by foreign factors of production located within a country is referred to as net factor income from abroad. This includes income such as wages, salaries, profits, rents, and interest earned by foreign individuals, companies, or institutions that are engaged in economic activities within the country.
Question : Which of the following represents the income earned by residents of a country, whether within the country or abroad?
Option 1: Gross Domestic Product (GDP)
Option 2: Gross National Product (GNP)
Option 3: Net Domestic Product (NDP)
Option 4: Net National Product (NNP)
Question : The total income earned by all factors of production in an economy is known as ______.
Option 3: Net National Product (NNP)d) Personal income
Question : Which of the following represents the value of all goods and services produced within the domestic boundaries of a country?
Question : Gross Domestic Product (GNP) - Depreciation allowances = ____________.
Option 1: National Income
Option 4: Gross National Product (GNP)
Question : Which of the following is not a measure of national income?
Option 4: Net Domestic Product (NDP)
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