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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?
What is the aggregated value of goods and services produced within an economy over a specific period of time?
- Gross National Product (GNP)
- Net National Product (NNP)
- National Income (NI) (correct)
- Gross Domestic Product (GDP)
Which of the following is a component of National Income?
Which of the following is a component of National Income?
- Depreciation (correct)
- Transfer Payments
- Indirect Taxes
- Personal Income
What is the term for the income earned by residents of a country from abroad?
What is the term for the income earned by residents of a country from abroad?
- National Income
- Personal Income
- Net Factor Income from Abroad (correct)
- Gross Domestic Product
What is the difference between Gross National Product (GNP) and Net National Product (NNP)?
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?
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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