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Which of the following is used to measure the total output of goods and services in an economy including depreciation during a specific period within
Question

Which of the following is used to measure the total output of goods and services in an economy including depreciation during a specific period within the country?

A.

Net Domestic Product (NDP)

B.

Gross National Product (GNP)

C.

Net National Product (NNP)

D.

Gross Domestic Product (GDP)

Correct option is D

The correct answer is (d)
 Gross Domestic Product (GDP) measures the total value of all final goods and services produced within the country's borders, regardless of the nationality of the producers, within a specific period.
 As such, it also measures the income earned from that production or the total amount spent on final goods and services (fewer imports).
 Formula: GDP = GNP - Net Income from Abroad
 National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time.
 Gross National Product (GNP) measures the total value of all final goods and services produced by the residents of a country, regardless of their location, within a specific period.
 

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