Which of the following correctly defines Gross National Product at Market Prices (GNPMP)?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → GNPMP is the value of all the final goods and services that are produced by the normal residents of India and is measured at the market prices, in a year.
GNPMP is the value of all the final goods and services that are produced by the normal residents of India and is measured at the market prices, in a year. GNP refers to all the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad.