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What is the value of GNP
  • a)
    Value of all intermediate goods and services produced by the residents of a nation
  • b)
    Value of all final goods and services produced within the domestic territory
  • c)
    Value of all final goods and services produced by the country's factors of production irrespective of their location.
  • d)
    None of these
Correct answer is option 'C'. Can you explain this answer?
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What is the value of GNPa)Value of all intermediate goods and services...
GNP means gross national product. it is clear that it is on national level and a nation's resident should be included only. A another word is GDP it is gross domestic product. It includes every Product that has been made in our country it does not matter that who has made it resident or non resident.
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What is the value of GNPa)Value of all intermediate goods and services...
The value of GNP (Gross National Product) is the total monetary value of all final goods and services produced by a country's factors of production, irrespective of their location. Let's break down this definition further:

What is GNP?
GNP stands for Gross National Product. It is a measure of the economic activity of a country and represents the total value of all final goods and services produced by a country's factors of production in a given period. This includes goods and services produced both domestically and abroad by a country's citizens and businesses.

What are factors of production?
Factors of production refer to the resources used in the production of goods and services. These include:

- Land: natural resources such as minerals, forests, and water
- Labor: human effort used in production
- Capital: man-made resources such as machinery, buildings, and tools
- Entrepreneurship: the ability to organize and manage resources to produce goods and services

What is the difference between GDP and GNP?
GDP (Gross Domestic Product) measures the total value of all final goods and services produced within a country's domestic territory, regardless of the nationality of the factors of production involved. GNP, on the other hand, measures the total value of all final goods and services produced by a country's factors of production, regardless of their location.

Why is GNP important?
GNP provides a measure of a country's economic activity and can be used to compare the economic performance of different countries. It also takes into account the contributions of a country's citizens and businesses to the global economy, which is important in today's interconnected world.

In conclusion, the value of GNP is the total monetary value of all final goods and services produced by a country's factors of production, irrespective of their location. It is an important measure of a country's economic activity and takes into account the contributions of its citizens and businesses to the global economy.
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What is the value of GNPa)Value of all intermediate goods and services...
Value of all final goods and service produced by the country's factors of production irrespective of their location
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What is the value of GNPa)Value of all intermediate goods and services produced by the residents of a nationb)Value of all final goods and services produced within the domestic territoryc)Value of all final goods and services produced by the countrys factors of production irrespective of their location.d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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