Question : Which of the following represents the value of all goods and services produced within the domestic boundaries of a country?
Option 1: Gross Domestic Product (GDP)
Option 2: Gross National Product (GNP)
Option 3: Net Domestic Product (NDP)
Option 4: Net National Product (NNP)
Correct Answer: Gross Domestic Product (GDP)
Solution : The correct answer is (a) Gross Domestic Product (GDP).
Gross Domestic Product (GDP) represents the total value of all goods and services produced within the domestic boundaries of a country during a specific time period, typically a year. It includes the value of goods and services produced by all factors of production, including both domestic and foreign-owned resources operating within the country's borders.
Question : Which of the following represents the value of all goods and services produced by the citizens of a country, whether within the country or abroad?
Question : Which of the following represents the income earned by residents of a country, whether within the country or abroad?
Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Question : ______ is the monetary value of all final goods and services produced within a country in a specific time period.
Question : Which of the following is a measure of national income that takes into account the value of goods and services produced by a country's citizens abroad?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile