__________ is the measure of the total market value of all final goods and services produced in the…
Gross Domestic Product (G D P) measures the total market value of all final goods and services produced within the domestic economy during a year; as a territorial measure,…
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__________ is the measure of the total market value of all final goods and services produced in the domestic economy during a period of one year, including income earned by foreigners in the country and excluding income earned by countrymen from abroad.
Answer and explanation
Correct answer D
Gross Domestic Product (G D P) measures the total market value of all final goods and services produced within the domestic economy during a year; as a territorial measure, it includes output and income generated by foreigners within the country and excludes income earned by domestic residents from abroad. Gross National Product (G N P) adjusts GDP by adding income earned by residents from abroad and subtracting income earned by foreigners within the country, while N D P and N N P deduct depreciation from GDP and GNP respectively.
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Tamil Nadu SET (TNSET)