Which of the following best illustrates the difference between GDP and GNP?
a. GDP measures the goods consumed by the citizens of a country, while GNP measures output exported to other countries.
b. GDP measures the output produced by the citizens within a country, while GNP measures output produced by noncitizens within a country.
c. GDP measures the output produced by the citizens of a country, while GNP measures output produced within the borders of a country.
d. GDP measures the output produced within the borders of a country, while GNP measures output produced by the citizens of a country.
D
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Money values indexed to a given period are known as
A. nominal. B. real. C. inverse. D. random.
The upward slope of an aggregate expenditure line is determined by the real interest rate
a. True b. False Indicate whether the statement is true or false
if import restrictions prohibit foreigners from selling various goods and services in the U.S Market
What will be an ideal response?
A seller's verbal assurance that a used car is a plum (high-quality car):
A. is not effective at reducing the problems associated with asymmetric information. B. is an effective way for sellers to prove that the good they are selling is of high quality. C. is a more efficient way to prove high quality than a money-back guarantee because it does not cost the seller any money to make the assurance. D. provides the same protection against adverse selection than does a repair guarantee.