5 Questions
What is the important thing to remember in connection with the concept of GNP?
Goods and services may be valued either at market price or at factor price
What are the three methods used to measure national product?
Product method, Income method, Expenditure or outlay method
Which two kinds of output are included in the definition of gross national product (GNP)?
Goods and services produced by the national factors of production within the country’s borders, Goods and services produced by nationals outside the country’s borders in foreign countries
What is the definition of gross domestic product (GDP)?
The money value of all final goods and services produced within a country's borders
Which method measures the money value of all final goods and services produced within a country's borders?
Product Method
Learn about the different methods used to measure national income and product, including the product method, income method, and expenditure method. These methods provide alternative measures of the level of overall economic activity.
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