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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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RELATED QUESTIONS
GNP equals ______.
GDP is the indicator of _____ economy.
The Goods and Services are measured in terms of ______ of that country.
India is ranked ______ in Globe as regard to GDP.
Goods are difference from ______.
“The final goods and services will not be a part of other goods and Services”, said by ______.
If the intermediate goods are included in the GDP, then it will result in ______.
GNHf is a philosophy instituted as the goal of government of ______.
Choose the correct statement
- Only the final goods are included in the GDP.
- If the value of the Intermediate goods are included,, it will result in double counting,
- The rupee values are desired from the prices at which the goods and services are sold in the market.
- There is no sensible way to add the quantities of goods produced with those of the services produced.
Assertion (A): Intermediate goods are not counted in calculating the GDP.
Reason (R): Their value is already included in the final goods.
