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Questions and Answers
What is the important thing to remember in connection with the concept of GNP?
What is the important thing to remember in connection with the concept of GNP?
- Goods and services are not valued in GNP
- Goods and services may be valued either at market price or at factor price (correct)
- Goods and services valued at market price only
- Goods and services valued at factor price only
What are the three methods used to measure national product?
What are the three methods used to measure national product?
- Demand method, Supply method, Distribution method
- GDP method, Inflation method, Investment method
- Product method, Income method, Expenditure or outlay method (correct)
- Market method, Consumer method, Producer method
Which two kinds of output are included in the definition of gross national product (GNP)?
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 (correct)
- Goods produced by nationals outside the country’s borders in foreign countries, Services produced by the national factors of production within the country’s borders
- Goods produced by the national factors of production within the country’s borders, Services produced by nationals outside the country’s borders in foreign countries
- Goods and services produced only by the national factors of production within the country’s borders, Goods and services produced only by nationals outside the country’s borders in foreign countries
What is the definition of gross domestic product (GDP)?
What is the definition of gross domestic product (GDP)?
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Which method measures 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?
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