Which option gives the correct expansion of the abbreviation GNP?
Answer and explanation
Correct answer: Gross National Product
GNP stands for Gross National Product. ‘Gross’ means that depreciation has not been deducted, ‘national’ refers to the production or factor income of normal residents, and ‘product’ refers to the value of final goods and services. NDP, GDP, and private final consumption are different national-income terms.
Frequently asked questions
What is the correct answer to this question?
Gross National Product
Why is this the correct answer?
GNP stands for Gross National Product. ‘Gross’ means that depreciation has not been deducted, ‘national’ refers to the production or factor income of normal residents, and ‘product’ refers to the value of final goods and services. NDP, GDP, and private final consumption are different national-income terms.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates.
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