This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Explain the difference between Gross Domestic Product and Gross National Product. Give an example of ... (Read 179 times)

Bernana

  • Hero Member
  • *****
  • Posts: 530
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

batool

  • Sr. Member
  • ****
  • Posts: 320
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

  • Member
  • Posts: 530
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

amynguyen1221

  • Member
  • Posts: 355
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Lilly Martin Spenser’s painting, Domestic Happiness (1844), reflects the change in attitudes toward Lilly Martin Spenser’s painting, Domestic Happiness (1844), reflects the change in attitudes toward
National Sleep Foundation Survey Results National Sleep Foundation Survey Results
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Excel hardware is introducing a new product on a new product line of capacity 800 units per ... Excel hardware is introducing a new product on a new product line of capacity 800 units per ...
Nitin earns $48,000 per year. Determine his gross earnings for each pay period if he is paid ... Nitin earns $48,000 per year. Determine his gross earnings for each pay period if he is paid ...
Video: Mitosis step-by-step

For a complete list of videos, visit our video library