Paper 3

Question 1

What is GNP, GDP and GNI and what are their limitations?

Answer 1

GNP stands for gross national product, the economic value of all finished goods and services annually.

GDP stands for gross domestic product, total value of foods and services within a country annually.

GNI stands for Gross national income, the total amount of money earned by an individual nation annually.

LIMITATIONS
* If not expressed in GDP per Capita, it does not