Question

Journal of "The Macroeconomic Approach and Measuring National Output and Income."

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Answer 1

National output and income measures the output or income of a country for a specific time period. The GDP, also known as the Gross Domestic Product measures the production of goods and services within a country for a particular financial year. The GNP is the Gross National Product is the total summation of goods and services produced by the citizens of the country, it might be within the geographical boundaries of the country or not. The GDP us measured by three ways, by the income approach, by the expenditure approach and by the product approach.

GDP measures the summation of total consumption, total investment, total government expenditure and total bet exports of a country.