A way of calculating the total output of the economy and all incomes earned within the Pakistan regardless of whether the resources are Pakistan or foreign is_______________?
Correct answer: A. the GDP
- A. the GDP
- B. the GNP
- C. the NNP
- D. the SPQR
Explanation
GDP measures production within a country's borders, regardless of whether the productive resources are domestically or foreign owned. GNP instead measures income generated by a country's nationals and firms, including income from abroad.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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