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‘Remittances’ are included in
- a)G.N.P and G.D.P
- b)G.N.P only
- c)G.D.P only
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
‘Remittances’ are included ina)G.N.P and G.D.Pb)G.N.P only...
Remittances are money sent home from emigrants working abroad. It is included in GNP and not GDP because GDP takes in to account the value of only those goods and services which are produced within the country.
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‘Remittances’ are included ina)G.N.P and G.D.Pb)G.N.P only...
Remittances in G.N.P and G.D.P
Remittances are included in G.N.P (Gross National Product) but not in G.D.P (Gross Domestic Product). Here's why:
G.N.P (Gross National Product)
- G.N.P includes the total value of goods and services produced by a country's residents, whether they are located within the country or overseas.
- Remittances, which refer to money sent by foreign workers to their home country, are considered as part of the income earned by the residents of the country and are therefore included in G.N.P.
G.D.P (Gross Domestic Product)
- G.D.P, on the other hand, measures the total value of goods and services produced within a country's borders, regardless of the nationality of the producer.
- Since remittances represent money earned by foreign workers (non-residents) and sent back to their home country, they do not contribute to the domestic production within the country and are therefore not included in G.D.P.
In conclusion, remittances are included in G.N.P but not in G.D.P as they are considered part of the income earned by the residents of a country, regardless of where the money is actually earned.
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‘Remittances’ are included ina)G.N.P and G.D.Pb)G.N.P onlyc)G.D.P onlyd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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