Explanation

(a) The Gross National Product (GNP) is the total money value of all the goods and services produced in a country in a year plus the net income from abroad.

(b)(i) Income Method: Measures all incomes earned by the various factors of production, for example wage and salary + rents + profits or dividends + interest.

(ii) Expenditure method: Measures the total expenditure on currently produced final goods and services by the households, firms and government plus net export. Y=C+I G+ (X - M)

(iii) Output of Net Product or Value-added Method: Measures the total monetary value of all goods and services produced by various sectors of the economy. In this method, the value of net contribution of each sector is added. 

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