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Real GNP is same as
- a)Nominal GNP
- b)GNP at current prices
- c)GNP at constant prices
- d)GNP less Net factor income from abroad
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Real GNP is same asa)Nominal GNPb)GNP at current pricesc)GNP at consta...
Explanation:
- GNP stands for Gross National Product which is the total value of goods and services produced by a country in a given period of time.
- Real GNP refers to the GNP that has been adjusted for inflation, and it is measured in constant prices.
- Nominal GNP refers to the GNP that has not been adjusted for inflation, and it is measured in current prices.
- Net factor income from abroad refers to the income received by a country from abroad minus the income paid by the country to foreign entities.
- Therefore, Real GNP is the GNP that has been adjusted for inflation and is measured in constant prices.
- Real GNP is a more accurate measure of a country's economic performance than Nominal GNP because it takes into account the effects of inflation.
- Real GNP can be calculated by using a price index such as the Consumer Price Index (CPI) or the Gross Domestic Product (GDP) deflator to adjust Nominal GNP for inflation.
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Real GNP is same asa)Nominal GNPb)GNP at current pricesc)GNP at consta...
The correct answer is C: GNP at constant prices.
Real Gross National Product (GNP) is the value of the final goods and services produced within a country's borders in a given year, adjusted for changes in the prices of goods and services. It is calculated using constant prices, which means that the prices used to value the goods and services are from a base year, rather than the current year. This helps to eliminate the effect of inflation on the GNP calculation.
Nominal GNP, on the other hand, is the value of the final goods and services produced within a country's borders in a given year, valued at current market prices. It includes the effect of inflation.
GNP at current prices is the same as nominal GNP.
GNP less Net factor income from abroad is a measure of Gross National Income (GNI), which is similar to GNP but includes income earned by domestic residents from foreign sources, such as rent or dividends.
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