What do the following initials stand for?
(i) GNP
(ii) WTO - Leaving Cert Economics - Question 1 - 2007
Question 1
What do the following initials stand for?
(i) GNP
(ii) WTO
Worked Solution & Example Answer:What do the following initials stand for?
(i) GNP
(ii) WTO - Leaving Cert Economics - Question 1 - 2007
Step 1
GNP
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Answer
GNP stands for Gross National Product. It measures the total economic output produced by the residents of a country, regardless of whether the production occurs within its borders or abroad.
Step 2
WTO
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Answer
WTO stands for World Trade Organisation. It is an intergovernmental organization that regulates international trade, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.
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