Question : Statement 1: Gross Domestic Product (GDP) measures the value of all final goods and services produced within a country's borders.

Statement 2: Gross National Product (GNP) measures the value of all final goods and services produced by a country's residents,

Question : Statement 1: Net National Product (NNP) represents the value of final goods and services produced by a country's residents during a specific period.

Statement 2: NNP is obtained by deducting depreciation from Gross National Product (GNP).

Question : Statement 1: Gross Domestic Product (GDP) is a measure of the total output of final goods and services produced within a country's borders.

Statement 2: GDP excludes the value of intermediate goods and services used in production.

Question : Assertion: National income is an important indicator of the economic performance of a country.

Reason: National income reflects the total value of goods and services produced within a country's borders during a specific period.

Question : Statement 1: A consumer's demand for a luxury good is income elastic.

Statement 2: As the consumer's income increases, their demand for luxury goods increases at a proportionately higher rate.