Which of the following statements is incorrect ........

Economic Affairs Growth and Indicators

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Which of the following statements is incorrect?

Real GNP measures income adjusted for inflation

Real GNP is a crude measure of national welfare because it excludes work in home

Real GNP is always higher than GDP

Gross national product adjusts GDP for net property income from abroad

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Explanation:

3rd statement is incorrect i.e. Real GNP is always higher than GDP.
Gross Domestic Product (GDP) and Gross National Product (GNP) both try to measure the market value of all goods and services produced for final sale in an economy. GNP is less commonly referred to than GDP, but is best described as the measure of national output.