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FSOT: 500 Test Prep Study Questions

Category - Economics

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Which best describes the calculation of GNP or Gross National Product?
  1. The total value of goods and services produced domestically, plus income earned by citizens outside the country, less foreigner's income from domestic production
  2. The total value of goods and services produced domestically by all workers
  3. The total value of goods and services produced domestically less production costs except wages paid
  4. The total value of goods and services produced domestically, less income from foreign workers producing domestically, less the total value of goods consumed domestically
Explanation
Answer: A - The total value of goods and services produced domestically, plus income earned by citizens outside the country, less foreigner's income from domestic production.
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