Q:
The total sum of the goods and services produced in a country in a year, minus depreciation is called as ________.
Answer & Explanation
Answer: A) Net Domestic Product
Explanation: Gross Domestic Product :
It is the total value of all final goods and services produced within the boundary of country during the given period of time.
Gross National Product :
It is the total value of the total output or production of final goods and services produced by the nationals of a country during a given period of time.
Gross National Income :
It is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus factor incomes earned by foreign residents, minus income earned in the domestic economy by non-residents.
Net National Product :
The total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been allowed for.
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