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Question

Accountancy Question on Basics of Accounting

The Gross Domestic Product (GDP) may be defined as :

A

Market value of final goods and services produced in the economy plus income earned locally by the foreigners minus income earned aboard by the Nationals

B

The value of all final Goods and services produced during specific period plus income earned abroad by the nationals minus incomes earned locally by the foreigners.

C

Gross National product minus depreciation.

D

Net domestic product plus depreciation.

Answer

Market value of final goods and services produced in the economy plus income earned locally by the foreigners minus income earned aboard by the Nationals

Explanation

Solution

The correct answer is (A) : Market value of final goods and services produced in the economy plus income earned locally by the foreigners minus income earned aboard by the Nationals.