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The term _____ refers to all the goods and services produced in a country in a given year plus the income earned outside the country by individuals and corporations.
Who
GDP
NIC
GNP
- Option:1, Who: Usually refers to a person or people, not relevant in economic terms of measuring goods and services.
- Option:2, GDP: Gross Domestic Product, measuring the value of goods and services produced within a country’s borders.
- Option:3, NIC: National Income and Consumption, not commonly used to represent the total economic output.
- Option:4, GNP: Gross National Product, the total value of goods and services produced by a country’s residents, plus income from abroad.
- Correct Answer: Option:4, GNP
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By: Pradeep Kumar ProfileResourcesReport error
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