Question

Which of the following statements describe the Gross National Product (GNP)?
1. the amount of goods and services manufactured each year
2. the ratio between the amount of exports versus imports
3. a standard by which economists measure the health of a nation
4. the total deficit or surplus in trade a nation has each year
(you can choose more then one.)

Answer 1

1. the amount of goods and services manufactured each year

The Gross National Product is the total market value of all the goods and services produced with the country each year. It doesn't take imports into account and is not always valid for measuring the health of the nation.

Answer 2

The Gross National Product (GNP) the amount of goods and services manufactured each year. Thus the correct answer is 1.

Why GNP is important?

An estimation of the net amount of all finished goods and services produced over a specific time period using resources that are owned by the citizens of a nation is refers as Gross national product.

The GNP  employ  to discover answers to monetary problems like inflation and unemployment. The GNP generates vital data on manufacturing, savings, expenditures and other indicators of economy.

Therefore, the option 1 the amount of goods and services manufactured each year is the appropriate answer.

Learn more about GNP, here:

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