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Author Question: Explain the difference between Gross Domestic Product and Gross National Product. Give an example of ... (Read 198 times)

Bernana

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on: Jun 29, 2018
Explain the difference between Gross Domestic Product and Gross National Product. Give an example of each.
 
  What will be an ideal response?

Question 2

Assuming that firms do not collude, compare the market outcome under oligopoly with the outcome under perfect competition.
 
  What will be an ideal response?


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batool

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Gross Domestic product is the value of final goods and services produced within the United States. In contrast, gross national product is the value of final goods and services produced by residents of the United States, regardless if the production takes place in the United States. GNP would include the production from a Ford Plant located in France. GDP would include production from a Honda plant located in Ohio.

Answer to Question 2

An oligopoly market will produce an output level that is lower than would be produced by a perfectly competitive market. The price of the product will be higher in the oligopoly market than it would be under perfect competition.


Bernana

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

FergA

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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