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Consider the following statements and identify which of the following are true? While calculating GDP, income generated by foreigners in a country is taken into consideration While calculating GDP, income generated by nationals of a country outside the country is taken into account While calculating GNP, income generated by foreigners in a country is taken into consideration While calculating GNP, income generated by nationals of a country outside the country is taken into account

Consider the following statements and identify which of the following are true? While calculating GDP, income generated by foreigners in a country is taken into consideration While calculating GDP, income generated by nationals of a country outside the country is taken into account While calculating GNP, income generated by foreigners in a country is taken into consideration While calculating GNP, income generated by nationals of a country outside the country is taken into account Correct Answer Both 1 and 4

The correct answer is Both 1 and 4.

  • Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic performance.
  • For the calculation of GDP, it does not matter whether the producers are native to that country or foreign-owned entities. So, for calculating GDP, income generated by foreigners in a country is taken into consideration. 
  • The gross national product (GNP) is the total production of persons or corporations native to a country, including those who are based abroad. GNP excludes domestic production by foreigners.
  • In India, the GDP and GNP are released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation on a quarterly and yearly basis. The base year for GDP calculation in India is 2011-2012.
  • National Statistical Organisation (NSO) was formed by the merger of the National Sample Survey Office (NSSO) and the Central Statistics Office (CSO) by an order dated 23 May 2019.
  • NSO releases a variety of reports on the environment (ENVI-stats), education, unemployment. industrial production, GDP estimation, etc. 
  • Ministry of Statistics and Programme Implementation Key people:
    • Minister: D. V. Sadananda Gowda.
    • Minister of State (Independent charge): Rao Inderjit Singh.
    • Director General (Statistics): Dr. Shailja Sharma.
    • DG (NSS): Shri Asit Kumar Sadhu.
    • Chairman (NSC): Prof. Bimal Kumar Roy.

Related Questions

Which of the following statement/s is/are incorrect. a. GNP is the total money value of goods and services produced by the nationals during the given year. b. The part of income produced in the country but earned by foreigners is included in GNP. c. Per capita income shows the marginal income of the people in the country.
Which of the following statements regarding Gross National Product (GNP) is incorrect? 1. GNP is the gross domestic product of a country related to foreign income. 2. GNP includes income earned by citizens and companies abroad, but does not include income earned by foreigners within the country.
Consider the following statements about the GDP Deflator. 1. GDP deflator is the ratio of nominal GDP to real GDP. 2. GDP deflator indicates the change in the price level between the base year and the current year. 3. While calculating GDP deflator, the volume of production is considered as fixed. Which of statements given above is/are correct?
Which of the following statements is correct about Gross National Product (GNP)? 1. GNP = Gross Domestic Product (GDP) + Net factor income from abroad. 2. GNP is always greater than the GDP
Three Statements are given followed by four conclusions numbered I, II , III and IV Assuming the statements to be true, even if they seem to be at variance with commonly known facts, decide which of the conclusions logically follow(s) from the statements. Statements: 1. All boys are experts. 2. Some experts are travelers. 3. All travelers are foreigners. Conclusions: I. Some foreigners are experts. II. Some foreigners are boys. III. No foreigner is boy. IV. All travelers are experts.
In a survey conducted over a group of people, it was found that 65% of them have a Facebook account, 40% of them have an Instagram account and 25% of them have a Twitter account. It was also concluded that 20% have an account on both Facebook and Instagram, 12% have an account on both Instagram and Twitter and 14% have an account on both Facebook and Twitter. If 8% of the people had an account on all the three websites, what percentage of the people do not have an account on any of the three websites?
Which of the following equation is/are INCORRECT? I. NI = NDP + Net Foreign Income II. GNP = GDP + Net Foreign Income III. NDP = GNP – Depreciation
Which of the following equation is/are INCORRECT? I. NI = NDP + Net Foreign Income
II. GNP = GDP + Net Foreign Income
III. NDP = GNP – Depreciation
GDP, GNP এর পূর্ণরূপ কী? (What is the full form of GDP, GNP?)
বদ্ধ অর্থনীতির ক্ষেত্রে-i. GNP = GDP ii. X-M অনুপস্থিত iii. GNP > GDP নিচের কোনটি সঠিক?