GNP is an example of which national income aggregate?
Answer and explanation
Correct answer: Gross National Product
GNP is the abbreviation for Gross National Product, so option A is the direct expansion of the term. It measures the market value of final goods and services produced by a country’s normal residents during a period, including their factor income from abroad and excluding the relevant income of foreign residents within the country. GDP is based on domestic territory, NNP is obtained after deducting depreciation from GNP, and personal income is income received by individuals rather than a product aggregate.
Frequently asked questions
What is the correct answer to this question?
Gross National Product
Why is this the correct answer?
GNP is the abbreviation for Gross National Product, so option A is the direct expansion of the term. It measures the market value of final goods and services produced by a country’s normal residents during a period, including their factor income from abroad and excluding the relevant income of foreign residents within the country. GDP is based on domestic territory, NNP is obtained after deducting depreciation from GNP, and personal income is income received by individuals rather than a product aggregate.
Which subject and chapter does this question cover?
This is a Class 12 Economics question. Chapter: National Income and Related Aggregates. Topic: Aggregates related to national income - GNP.
Student feedback
Was this question useful?
👍 0 Helpful 👎 0 Not helpful
Yes 0% No 0%
0 responsesStudent Reviews
No published reviews yet.
