Explain the following National Income concepts: (a) Gross Domestic Product (GDP; (4 marks) (b) Gross National Product (GNP; (4 marks) (c) Cost of living; (4...

 Explain the following National Income concepts:

(a) Gross Domestic Product (GDP; (4 marks)

(b) Gross National Product (GNP; (4 marks)

(c) Cost of living; (4 marks)

(d) Per Capital income; (4 marks) 

(e) Standard of living; (4 marks) 

Answer Details

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