-
Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country?
-
- GDP
- GPN
- OMP
- GNP
- GDP
Correct Option: D
Gross National Product (GNP) is defined as “the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.” It is contrasted to Gross domestic product (GDP), defined as “the value of all final goods and services produced in a country in 1 year.”
