National income Flashcards
1
Q
Define GDP.
A
GDP measures the total income generated within a state regardless of by whom.
2
Q
Define GNP.
A
GNP measures the total income generated by Irish citizens regardless of their location.
3
Q
Define national income.
A
National income is the income accruing to the permanent residents of a country as a result of engaging in current economic activity in one year.
