GNP Stands for ________

question 54

Multiple Choice

GNP stands for ________.

• A) General National Payment
• B) Great National Pride
• C) Green National Product
• D) Gross National Product

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Definitions:

Marginal Cost

The investment needed to manufacture an extra unit of a product or service.

Marginal Revenue

Enhanced revenue from the sale of an incremental unit of a product or service.

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Profit-maximizing Output

This is the level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.