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Question
What is meant by Gross domestic product?
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Solution
Gross National Product is the total value of goods and services produced and income received in a year by domestic residents of a country. It includes profits earned from capital invested abroad.
GNP = C + I + G + (X – M) + NFIA)
C = Consumption
I = Investment
G = Government Expenditure
X – M = Export – Import
NFIA = Net Factor Income from Abroad)
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