Question 2A For each of the following, say whether they are included or not incl
ID: 1115219 • Letter: Q
Question
Question 2A
For each of the following, say whether they are included or not included in Gross domestic product.
The sale of a current year model used car.
The services of a licensed manicurist given in the current year.
The profits of a foreign owned corporation operating in the domestic economy.
The work done in other countries by the normal residents of a country.
The cooking of meals for home consumption.
Question 2B
Distinguish between a country’s gross domestic product and gross national product by choosing one of the following options by citizens abroad, inside country by foreigners, by citizens at home and abroad, inside country by foreigners and citizens, by citizens at home and inside country by citizens.
GNP-
GDP-
The sale of a current year model used car.
The services of a licensed manicurist given in the current year.
The profits of a foreign owned corporation operating in the domestic economy.
The work done in other countries by the normal residents of a country.
The cooking of meals for home consumption.
Question 2B
Distinguish between a country’s gross domestic product and gross national product by choosing one of the following options by citizens abroad, inside country by foreigners, by citizens at home and abroad, inside country by foreigners and citizens, by citizens at home and inside country by citizens.
GNP-
GDP-
Explanation / Answer
2a1) no because the production of car is made in some other year
2)included
3)included because profit is within the domestic territory
4)not included because it is outside domestic territory but it will included in GNP
5) it shoyld be included whatever the purpose is.
2) GdP is the production within the domestic territory whether it is by foreigner at home or inside country by foreigner and citizen
GNP is the production by domestic resident like by output by citizens whether home or abroad
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