Economics · National Income Accounting
Which of the following identities correctly defines Gross National Product (GNP)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1GNP = GDP - Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy
- 2GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world - Factor income earned by the factors of production of the rest of the world employed in the domestic economy✓
- 3GNP = GDP - Factor income earned by the domestic factors of production employed in the rest of the world - Factor income earned by the factors of production of the rest of the world employed in the domestic economy
- 4GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy
Correct answer
GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world - Factor income earned by the factors of production of the rest of the world employed in the domestic economy
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