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Questions and Answers
What is the aggregated value of goods and services produced within an economy over a specific period of time?
Which of the following is a component of National Income?
What is the term for the income earned by residents of a country from abroad?
What is the difference between Gross National Product (GNP) and Net National Product (NNP)?
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What is the concept that measures the income of residents of a country, regardless of where the income is earned?
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Study Notes
Aggregated Value and National Income
- The aggregated value of goods and services produced within an economy over a specific period of time is known as the Gross Domestic Product (GDP).
- National Income is composed of several components, including compensation of employees, operating surplus, and mixed income.
Income from Abroad
- The income earned by residents of a country from abroad is known as Net Foreign Income.
Gross National Product (GNP) vs. Net National Product (NNP)
- Gross National Product (GNP) is the total value of goods and services produced by a country's residents, regardless of where they are produced.
- Net National Product (NNP) is the total value of goods and services produced by a country's residents, minus depreciation.
Income of Residents
- The concept that measures the income of residents of a country, regardless of where the income is earned, is known as Gross National Income (GNI).
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Description
Test your understanding of national income concepts, including gross national product, net national product, and more. Evaluate your knowledge of economic indicators and their applications.
