(1) Explain the difference between Gross Domestic Product (GDP) and Gross National Income. (ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and Gross Domestic Product at market prices. (iii) Explain the difference between nominal Gross Domestic Product and real Gross Domestic Product over time and the role of the GDP deflator.
(1) Explain the difference between Gross Domestic Product (GDP) and Gross National Income. (ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and Gross Domestic Product at market prices. (iii) Explain the difference between nominal Gross Domestic Product and real Gross Domestic Product over time and the role of the GDP deflator.
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.3P
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