Mention if the given statement is true or false.

Gross National Product and Gross Domestic Product are the same.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
Gross National Product refers to the money value of all final goods and services produced by residents living in or outside the country. Here, it doesn't matter whether the residents produce the goods and services inside or outside the country. However, Gross Domestic Product refers to the money value of all final goods and services produced in a country during a financial year. It does not consider the importance of final goods and services produced by residents outside the country.
The correct statement is, "Gross National Product and Gross Domestic Product are different."

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