Which of the following statement/statements are true?
Statement 1: Income generated by foreigners in a country is taken into consideration while calculating Gross National Product.
Statement 2: Income generated by nationals of a country in a foreign country is not taken into consideration while calculating Gross Domestic Product.

Statement 1 is false bur statement 2 is true.

The correct answer is Option 4 : Statement 1 is false bur statement 2 is true.

Statement 1: Income generated by foreigners in a country is taken into consideration while calculating Gross National Product. This is incorrect. GNP means income generated by the NATIONALS OF A COUNTRY, whether outside the country or within the country. So Income generated by foreigners (be it within the country or outside it) will not be included in GNP.

Statement 2: Income generated by nationals of a country in a foreign country is not taken into consideration while calculating Gross Domestic Product. This is correct. GDP includes income generated WITHIN THE DOMESTIC TERRITORY of the country. Income, generated outside the domestic territory even by the national of the country is not included in GDP. Thus, income generated by foreigners in a country is taken into consideration while calculating GDP. However, the income generated by the nationals of a country (e.g India) in a foreign country (E.e Saudi Arabia) will not be included in calculating GDP of India.