Question : If exports equal imports, then which of the following relations will be true?
Option 1: Gross Domestic Product (GDP) = Gross National Product (GNP)
Option 2: Gross Domestic Product (GDP) > Gross National Product (GNP)
Option 3: Gross Domestic Product (GDP) < Gross National Product (GNP)
Option 4: None of these
Correct Answer: Gross Domestic Product (GDP) = Gross National Product (GNP)
Solution : The correct answer is GDP = GNP.
Gross Domestic Product (GDP) is the sum of the ultimate value of goods and services generated inside a country's domestic territory over a specific amount of time.
The gross national product (GNP) is a measure of the overall worth of goods and services purchased by people in a country in a given year, whether on domestic or foreign territory.
As a result, GNP equals GDP plus Net income inflow from assets abroad(NR).
GDP = GNP when NR equals zero and exports equal imports.
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