GDP is a better indicator of economic growth and welfare than GNP because a. indicates income from goods/services that are available in the country. b. the entrepreneurs' effort of combination of other factors of production are included. c. it is always larger than the GNP and includes government services. d. all factor of production's income are accounted for.
GDP is a better indicator of economic growth and welfare than GNP because a. indicates income from goods/services that are available in the country. b. the entrepreneurs' effort of combination of other factors of production are included. c. it is always larger than the GNP and includes government services. d. all factor of production's income are accounted for.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section7.2: The Expenditure Approach To Computing Gdp For A Real World Economy
Problem 3ST
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GDP is a better indicator of economic growth and welfare than GNP because
a. indicates income from goods/services that are available in the country.
b. the entrepreneurs' effort of combination of other factors of production are included.
c. it is always larger than the GNP and includes government services.
d. all factor of production's income are accounted for.
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