what is the difference between Gross Domestic Product and Gross National Product? Would the difference be large or small for developed country? Defend your stand and give examples

Q: What are the four components of Gross Domestic Product (GDP) in formula format? List and explain…

A: Gross Domestic Product denotes the total aggregate output that is produced in the country at a given…

Q: Jacques, a resident of France, goes to Germany to buy a brand-new car for €15,600.00. He then brings…

A: GDP is the all final value of goods and services that produced in a nation in a specific period of…

Q: For the country of Madagascar government spending was $15,000 in 2007. Consumption was $88,000,…

A: GDP under expenditure method is computed by adding up following items:1. Consumption expenditure of…

Q: An economy produces final goods and serviceswith a market value of $5,000 billion in a givenyear,…

A: In an economy, nation's GDP depends upon the products and services of a specific year as it does not…

Q: What does Gross Domestic Product mean? Why do we need to use market value GDP? What for do we use…

A: The term GDP means gross domestic product, which the market value of all goods and services produced…

Q: Why do we calculate national income?

A: National income is the value of final goods and services produced in an economy during a given…

Q: In measuring GDP, which of the following is NOT a factor payment? a. Government's transfers payment…

A: Factor payment approach to calculate GDP includes all factor payments earned by households, that is…

Q: why are goods and services in a country counted in GDP at market value; what are the disavantages of…

A: Answer: One of the most crucial criteria for evaluating a nation's productivity and economic…

Q: the importance of gross domestic product (GDP), and how it is measured.?

A: GDP or Gross Domestic Product is the value of all final goods and services produced in a country in…

Q: What are the two main difficulties that arise in comparing different countries's GDP?

A: The GDP is the Gross Domestic Product of a country which is equal to the total monetary value of all…

Q: What is the effect that changes in business taxes, personal income, and transfer payments have on a…

A: GDP is the measure of the total value of services and goods produced within an economy during a…

Q: Site and discuss 3 indicators that can be easily observed around (without knowing the GDP…

A: GDP: GDP or gross domestic product is the final value of all the goods and services that are…

Q: What is real national income?

A: National Income: It is the total market value of all the final goods and services produced in the…

Q: What items are not included in the calculation of GDP in the economy of the country.

A: According to the given question  Gross Domestic Product is used by the economist to measure the…

Q: How national income can be measured in economics? Explain briefly:

A:

Q: Economic In an economy, 75 per cent of the increase in income is spent on consumption. Investment is…

A: here we can find the how much income increases and how much consumption expenditure increases which…

Q: importance of real gdp over nominal gdp

A: GDP: Gross domestic product refers to the total monetary value of goods and services produced in a…

Q: Explain three limitations of Gross Domestic Product.

A: Gross domestic product (GDP) refers to the total market value of goods and services produced by a…

Q: What is the largest measure of national income?

A: National income refers to the total value of all the goods and services produced and sold within the…

Q: Country A has export sales of $20 billion, government purchases of $1,000 billion, business…

A: Gross Domestic Product or the GDP refers to the final value of all the finished goods and services…

Q: Investigate what is gross domestic product GDP

A: Answer: Gross domestic product (GDP): GDP refers to the market value of all the goods and services…

Q: If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for pepperoni and sells the pizza made with…

A: Gross Domestic Product is the final value of all goods and services produced in the economy during a…

Q: Use the following data to answer the questions below. All figures are in billions. Proprietor's…

A: GDP refers to the final value of goods and services produced within the country during a period of…

Q: Government Purchases = $____ billion Private Gross Investment = $______ billion GDP = $______…

A: (a) Government Purchases: These are the spending on all the goods and services that are being made…

Q: Q7. What do you mean by Gross National Product?

A: GDP The market value of goods and services produced within a domestic boundary of a country, during…

Q: What is Gross National Income and give examples.

A: The national income accounting is a system of book keeping used by the government just like a…

Q: In 1999 in the economy of Microtania, Consumption was $7, Investment was $5, Government spending was…

A: The gross domestic product is the total value of all the final goods and services produced in an…

Q: What is the difference between gross national product and net national product?

A: The value of products and services produced by a country throughout a fiscal year is referred to as…

Q: Which of the following is included in GDP? a. The value of "free" household services provided by…

A: GDP is a common measure of the value addition made by a country's production of goods and services…

Q: Discuss whether GDP is always reliable and accurate in reflecting economic performance of a country.…

A: GDP is that the price of all the finished merchandise and services created at intervals a country'…

Q: Describe and compare three methods of measuring a country’s GDP ?

A: Gross domestic product (GDP) refers to the final value of goods and services produced in an economy…

Q: what is gross domestic product?

A: GDP refers to the market value of the final production of all the goods and services within the…

Q: Gross Domestic Product (GDP) is completely supply-determined." Do you agree or disagree? Why?

A: The central standard of the classical hypothesis is that the economy is self‐regulating. Classical…

Q: Which of the following is the way to show the output of a Kuwaiti company has a production unit…

A: The gross national income (GNI) is the entire amount of money earned by a country's citizens and…

Q: One bag of oranges is sold for $6.00 to a company that turns them into juice which is sold to…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: Which of these can measure national income?

A: The national income(NI) of a country shows the economic and production performance of a nation.…

Q: How does the decline of natural resources and biodiversity affects Gross Domestic Product and Gross…

A: Gross domestic product: Gross domestic product (GDP) refers to the final value of all the goods and…

Q: How do you calculate private closed economy GDP?

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: In an economy exports are $350 million and imports are $350 million Calculate net exports

A: The information being given is:- Exports = $350 million Imports = $350 million We have to find net…

Q: Explain the three approaches to national income?

A: According to the given question National income is also known as a national product which is a…

Q: Is gross domestic product a reliable indicator of a nation's economic wealth? What might be a better…

A: The GDP is the  value of all  services and goods that are produced in an economy over a certain time…

Q: The largest component of GDP is a. private consumption expenditures b. private…

A: People consumption is more than any other component of GDP.

Q: a)A caterpillar tractor is made by a U.S firm producing in the United States. Is this production…

A: Gross Domestic Product is useful to determine how much output is generated, produced, or…

Q: Explain the concepts Gross national product, Net national product, National income and Disposable…

A: The worth of a country's finished domestic products and services during a certain time period is…

Q: Distinguish between Gross Domestic Product (GDP) and Gross National Product (GNP). What are the…

A: National Income at Current Price: The commodities produced in a country during a particular period…

Q: What are the five components of national income?

A: The value of products and services generated by a country over the course of a fiscal year is…