Which of the following statements is/are incorrect a) GNP is defined as the value of output minus the value of intermediate consumption and is a measure of the contribution to GDP made by an individual producer, industry, or sector. b) GDP is the monetary value of all finished goods and services produced within a country during a period of one year. c) GVA is the monetary value of all finished goods and services produced by a country's residents during a period of one year.?

a only
b only
a and b only
a and c only

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 4 : a and c only

The correct answer is a and c only.

National Income - National income is a government bookkeeping system that measures a country's economic activity.

National Income Concept :

Gross Domestic Product (GDP) -

GDP is the monetary value of all finished goods and services produced within a country during a period of one year. Hence, Statement b is correct.
GDP = C + G + I + (X - M)
- C = consumption
- G = government spending
- I = Investment
- X - M = net exports (Value of exports - Value of Imports)

Gross National Product (GNP) -

It is the monetary value of all finished goods and services produced by a country's residents during a period of one year. Hence, Statement a is incorrect.
GNP = GDP + Net factor income from abroad
- Net factor income from abroad = Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.

Gross Value Added (GVA) -

It is defined as the value of output minus the value of intermediate consumption and is a measure of the contribution to GDP made by an individual producer, industry, or sector. Hence, Statement c is incorrect.
GVA = GDP+SP−TP
- SP = Subsidies on products
- TP = Taxes on products

Intermediate consumption - It is the value of the goods and services consumed as inputs by a process of production.

4 views Answered 2022-09-04 04:29

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