Question : Which one of the following is not a method for computing Gross National Product (GNP)?
Option 1: Income approach
Option 2: Expenditure approach
Option 3: Savings approach
Option 4: Value added approach
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Correct Answer: Income approach
Solution : The correct option is the Savings Approach.
The income approach, the spending approach and the value-added approach are the three approaches used to calculate GNP.
In the income approach, all revenue received within a nation's boundaries in a given year is totalled, including salaries, rentals, interest and profits.
The expenditure technique counts every dollar spent on finished products and services in an economy, which is divided into five categories: exports, imports, government spending, consumption, and investment.
The value-added method entails determining the value contributed at each stage of production and adding those amounts to get the final goods and services total worth.
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Question : Net domestic product is calculated as_______.
Option 1: Gross Domestic Product (GDP) - Depreciation
Option 2: Gross National Product (GNP) - Depreciation
Option 3: Gross Domestic Product (GDP) - Net income earned from abroad
Option 4: Gross National Product (GNP) - Net income earned from abroad
Question : Exports of mangoes by India are a part of ________ method of measurement of its national income.
Option 1: circular income
Option 2: value added
Option 3: expenditure
Option 4: income
Question : Gross Domestic Product less Depreciation is________.
Option 1: Gross Domestic Investment
Option 2: Net National Product
Option 3: Gross National Product
Option 4: Net Domestic Product
Question : While computing Net Economic Welfare (NEW), which of the following items is subtracted from Gross National Product (GNP)?
Option 1: Value of leisure time
Option 2: Adjustments for congestion of urban life
Option 3: Do-it-yourself activities
Option 4: The underground economy
Question : Which of these is not the correctly stated component of the expenditure method of measuring national income?
Option 1: Final investment expenditure by firms
Option 2: Final government expenditure
Option 3: Export plus import expenditure
Option 4: Final consumption expenditure by households
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