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Q: The total sum of the goods and services produced in a country in a year, minus depreciation is called as ________.

  • 1
    Net Domestic Product
  • 2
    Gross National Income
  • 3
    Gross Domestic Product
  • 4
    Net National Product
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Answer : 1. "Net Domestic Product"
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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