1- If the value of output by citizens outside the country is greaterthan the value of output by foreigners inside the country, GNP will be less than GDP. 2- Gross domestic product does not include the value of the housing provided by homes that families own themselves.

1- If the value of output by citizens outside the country is greaterthan the value of output by foreigners inside the country, GNP will be less than GDP. 2- Gross domestic product does not include the value of the housing provided by homes that families own themselves.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 13SQ

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Question

State why each of the following statements is true or false
1- Ifthe value of output by citizens outside the country is greater than the value of output by
foreigners inside the country, GNP will be less than GDP.
2- Gross domestic product does not include the value of the housing provided by homes that
families own themselves.

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