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?
Option 1: GDP
Option 2: GPN
Option 3: OMP
Option 4: GNP
Correct Answer: GNP
Solution : The correct option is GNP.
Gross National Product (GNP) is a measure of the total market value of all final goods and services produced by the residents and businesses of a country in a specific period, including both domestic and foreign production. GNP takes into account not only the production that occurs within a country's borders but also the production by its residents in foreign countries.
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Question : If exports equal imports, then which of the following relations will be true?
Option 1: Gross Domestic Product (GDP) = Gross National Product (GNP)
Option 2: Gross Domestic Product (GDP) > Gross National Product (GNP)
Option 3: Gross Domestic Product (GDP) < Gross National Product (GNP)
Option 4: None of these
Question : Which of the following identities is correct regarding Gross National Product (GNP)?
Option 1: GNP = GDP (Gross Domestic Product) + Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 2: GNP = GDP – Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 3: GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 4: GNP = GDP – Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Question : Net National Product of a country is:
Option 1: Gross Domestic Product (GDP) minus depreciation allowances
Option 2: Gross Domestic Product (GDP) plus net income from abroad
Option 3: Gross National Product (GNP) minus net income from abroad
Option 4: Gross National Product (GNP) minus depreciation allowances
Question : Select the correctly spelt sentence.
Option 1: The country’s GDP bloomed despite the ongoing war situation.
Option 2: The country’s GDP bloomed dispete the ongoing war situation.
Option 3: The country’s GDP bloomed despete the ongoing war sitution
Option 4: The country’s GDP bloomed dispite the ongoing war situation.
Question : The total value of goods and services produced in a country during a given period is
Option 1: disposable income
Option 2: national income
Option 3: per capita income
Option 4: net national income
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