(i) Explain the difference between Gross Domestic Product (GDP) and Gross National Income. (ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and Gross Domestic Product at market prices. (iii)Explain the difference between nominal Gross Domestic Product and real Gross Domestic Product over time and the role of the GDP deflator.
(i) Explain the difference between Gross Domestic Product (GDP) and Gross National Income. (ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and Gross Domestic Product at market prices. (iii)Explain the difference between nominal Gross Domestic Product and real Gross Domestic Product over time and the role of the GDP deflator.
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 4SQ
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![Question 2
(i) Explain the difference between Gross Domestic Product (GDP) and Gross National
Income.
(ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and
Gross Domestic Product at market prices.
(iii)Explain the difference between nominal Gross Domestic Product and real Gross
Domestic Product over time and the role of the GDP deflator.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd67118c8-4b36-48ab-a954-790a6c79c2ac%2F8d09fd6a-988b-4c93-950b-0078b7047bff%2Fwx2ov5_processed.png&w=3840&q=75)
Transcribed Image Text:Question 2
(i) Explain the difference between Gross Domestic Product (GDP) and Gross National
Income.
(ii) Explain the difference between Gross Domestic Product at factor cost (basic prices) and
Gross Domestic Product at market prices.
(iii)Explain the difference between nominal Gross Domestic Product and real Gross
Domestic Product over time and the role of the GDP deflator.
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