During a given period how the economic activity of a nation is measured?
Correct answer: C. Gross National product (GNP)
- A. Gross Domestic Product (GOP)
- B. Gross National output (GNO)
- C. Gross National product (GNP)
- D. Gross National Output
Explanation
Gross National Product measures the value of final goods and services produced by a nation’s factors of production during a period, including income from abroad. GDP would measure production within the country, but option a is incorrectly written as GOP.
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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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