Question 2 - Fill in the blanks - Chapter 2 Class 9 Economics - People as Resource - Economics

The sum total of all the final goods and services produced by the normal residents of a country during an accounting year is called as ..........................

1. Gross Domestic Product
2. Gross National Product
3. Gross Profit
4. None of the above

Answer

So, the correct option is (b) - Gross National Product

Explanation

Let’s check all the options

• (a) Gross Domestic Product - the total value of goods produced and services provided in a country during one year. So this is incorrect
• (b) Gross National Product - is the total of all the final goods and services produced by the normal residents of a country during an accounting year. So this is the correct option.
• (c) Gross Profit - the profit of a company after deducting costs. So this is incorrect.