GDP differs from GNP because GDP

Assessment: JAMB UTME - Economics - 2004 Subject: Economics

Question 1 Report

GDP differs from GNP because GDP
Answer Details
GDP differs from GNP (Gross National Product) because GDP emphasizes the final goods and services produced within the country at a particular period, while GNP emphasizes the market value of all final goods and services produced by nationals of a country, regardless of their location. In other words, GDP measures the economic output of a country based on the goods and services produced within its borders, while GNP measures the economic output of a country based on the citizenship of the producers.
Read lesson note on National Income (WAEC)
Read lesson note on Economics As A Science (JAMB)
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