Question

If a government is interested in knowing the total income of its citizens (including remittances, or money earned in a foreign country and sent back home), it should look at the _____. Gross Domestic Product (GDP) Gross National Product (GNP) economic cycle

Answer 1

If a government is interested in knowing the total income of its citizens (including remittances, or money earned in a foreign country and sent backhome), it should look at the Gross National Product (GNP) economic cycle. Both GDP and GNP are tools in measuring the economic output of a country for a particular period. The difference is that GDP focuses solely on what happens inside the country. GNP takes into account the foreign sources.

Answer 2

Answer: Gross National Product (GNP)

Explanation:

Gross National Product (GNP) is known to be the total value of all the goods (products) and services produced in a country in a year. Furthermore, it is used in measuring the economic activity of a country by taking record of all the incomes earned by the citizens in the country and outside the country. Thus, it is a tool in measuring the economic output of a country.