“In 2022, India’s GDP was $3,386.4 billion whereas its GNP was $3,370.15 billion”. The reason for the difference in the two figures is that:A. GDP includes foreign investment, while GNP does not.B. GNP is used for developed countries, while GDP is used for developing countries.C. GDP is a measure of the overall wealth of a nation, while GNP focuses on the distribution ofincome within a country.D. GDP measures the total economic output within a country's borders, while GNP considers theincome earned by a country's residents domestically and abroad.
“In 2022, India’s GDP was $3,386.4 billion whereas its GNP was $3,370.15 billion”. The reason for the difference in the two figures is that:A. GDP includes foreign investment, while GNP does not.B. GNP is used for developed countries, while GDP is used for developing countries.C. GDP is a measure of the overall wealth of a nation, while GNP focuses on the distribution ofincome within a country.D. GDP measures the total economic output within a country's borders, while GNP considers theincome earned by a country's residents domestically and abroad.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...
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Question
“In 2022, India’s
The reason for the difference in the two figures is that:
A. GDP includes foreign investment, while GNP does not.
B. GNP is used for developed countries, while GDP is used for developing countries.
C. GDP is a measure of the overall wealth of a nation, while GNP focuses on the distribution of
income within a country.
D. GDP measures the total economic output within a country's borders, while GNP considers the
income earned by a country's residents domestically and abroad.
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