Which of the following statements is/are incorrect?
a) GNP is defined as the value of output minus the value of intermediate consumption and is a measure of the contribution to GDP made by an individual producer, industry, or sector.
b) GDP is the monetary value of all finished goods and services produced within a country during a period of one year.
c) GVA is the monetary value of all finished goods and services produced by a country's residents during a period of one year.
1
a only
2
b only
3
a and b only
4
a and c only