UPSC Economics People as Resource Question Bank Structure of Economy and Human Resources in India

  • question_answer
    In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic resident of a country put together is called

    A) Net National Product

    B) Gross National Product

    C) Gross National Income

    D) National Income

    Correct Answer: B

    Solution :

    GNP is the total value of all final goods and services produced within a country in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country. GNP measures the value of goods and services that the country?s citizens produced regardless of their location.

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