The main difference between GNP and GDP is:
a. GDP measures a nation's income, and GNP measures a nation's output.
b. Largely in the minds of the public, because economically, there is no difference.
c. GDP measures the income earned from the production of all final goods and services within a nation's borders; GNP measures the income earned by domestically-owned resources from producing final goods and services anywhere in the world.
d. GDP measures a nation's output, and GNP measures a nation's income.
.C
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We say that the economy is at full employment if the unemployment rate is equal to
A) zero. B) the natural rate of unemployment. C) the amount of cyclical unemployment. D) the sum of frictional and cyclical unemployment. E) the sum of structural and cyclical unemployment.