Explain the difference between GDP and GNP

What will be an ideal response?


GDP is the market value of all final goods and services produced in a country during a given period of time, even if the production is owned by citizens of other countries. GNP is the value of all final goods and services produced by residents of a country during a given period of time, even if the production takes place outside the country. GDP - GNP = net factor payments.

Economics

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a. straightforward in theory but difficult in practice. b. straightforward in theory and in practice. c. difficult in theory and in practice. d. straightforward in practice but difficult in theory.

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The unanimity property states that the ranking between any two outcomes should not depend on whether some third outcome is available

a. True b. False Indicate whether the statement is true or false

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With flexible exchange rates, an increase in U.S. interest rates can be expected to ________.

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Economics