ECONOMICS
INFLATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross Domestic Product (GDP)
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Gross National Product (GNP)
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Consumer Price Index (CPI)
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Producer Price ‘index (PPI)
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Detailed explanation-1: -Gross national product is one metric for measuring a nation’s economic output. Gross national product is the value of all products and services produced by the citizens of a country both domestically, and internationally minus income earned by foreign residents.
Detailed explanation-2: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-3: -Gross domestic product (GDP) is the value of the finished domestic goods and services produced within a nation’s borders. On the other hand, gross national product (GNP) is the value of all finished goods and services owned by a country’s citizens, whether or not those goods are produced in that country.
Detailed explanation-4: -GDP = consumption + investment + (government spending) + (exports − imports). GNP = GDP + NR (Net income inflow from assets abroad or Net Income Receipts)-NP (Net payment outflow to foreign assets).
Detailed explanation-5: -Government expenditure. Net exports (Total exports minus total imports) Net income (Income earned by residents in foreign countries minus income earned by foreigners in the country)