Question

What is the full form of GNP and what is the role of GNP ?


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Answer 1

Gross national product (GNP) is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents.

Components of GNP

Also known as the expenditure approach to measuring GNP, this method calculates the value of the GNP as the sum of the four components of GNP expenditures: consumption, investment, government purchases, and net exports. The expenditure method accounts for the source of the monetary demand for products and services

Major Limitations of Gross National Product (GNP)

Economic Versus Social Values

Economic Versus Social Costs

Distribution of National Output

Income and Output per Capita

Upgrading the Quality of Basic Data

The Value of Leisure

Qualitative Changes in the National Output

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Answer 2

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Gross Domestic Product.

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Policymakers rely on Gross National Product as one of the important economic indicators. GNP produces crucial information on manufacturing, savings, investments, employment, production outputs of major companies, and other economic variables.

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