Question

1. GNP, one of the measures of output and income, is equal to which of the...

1. GNP, one of the measures of output and income, is equal to which of the following:

a.

Net National Product minus Gross National Product

b.

GDP plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world.

c.

NNP plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world.

d.

Disposable Income minus Taxes.
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Answer #1

Ans) Option B

  • GDP plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world.

GNP = GDP + total property income from abroad.

GNP = GDP + (receipts of factor income from the rest of the world - payments of factor income to the rest of the world.)

GNP is nothing but the gross national product.

Factor income is nothing but income received from various factors

Thankspayments of factor income to the rest of the world.

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