National Income and Product Measurement Methods
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Questions and Answers

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?

  • 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)?

  • 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)?

    <p>The money value of all final goods and services produced within a country's borders</p> Signup and view all the answers

    Which method measures the money value of all final goods and services produced within a country's borders?

    <p>Product Method</p> Signup and view all the answers

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