Which of the following statements is correct?
GNP refers to the total value of all goods and services produced by a national economy.
GDP refers to the total value of all goods and services produced by a national economy regardless of where the factors of production are located.
Growth depends on output increasing at a faster rate than population.
Per capita GDP is calculated by dividing purchasing power parity by the rate of inflation.
Real GDP compares how much a system produces with the resources needed to produce it.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is correct?
GNP refers to the total value of all goods and services produced by a national economy.
GDP refers to the total value of all goods and services produced by a national economy regardless of where the factors of production are located.
Growth depends on output increasing at a faster rate than population.
Per capita GDP is calculated by dividing purchasing power parity by the rate of inflation.
Real GDP compares how much a system produces with the resources needed to produce it.

Which of the Following Statements Is Correct