What is the main conceptual difference between GDP and GNP? How different are GDP and GNP for the United States? For countries with many citizens who work abroad?
What will be an ideal response?
GDP represents output produced within a country, while GNP represents output produced by a country's factors of production; the difference is net factor payments from abroad. For the United States there's little difference, but for countries that have many citizens working abroad, there may be a big difference.
You might also like to view...
Assuming a homogeneous product, the Bertrand duopoly equilibrium price is
A) the same as the Cournot equilibrium price. B) less than the Cournot equilibrium price. C) greater than the Cournot equilibrium price. D) equal to the monopoly price.
The velocity of money is:
a. the purchasing power of money. b. the value of a dollar in relation to foreign currency. c. the average number of times each dollar is spent on final goods and services in a given year. d. the average length of time it takes for a dollar of income to be spent. e. the total amount of money that is in circulation for consumption spending.