Question on: WAEC Economics - 2016
The difference between GDP and GNP
A
consumption of fixed capital
B
indirect business tax
C
net factor income from abroad
D
public transfer payment
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Correct Option: C
The main difference is that GNP (Gross National Product) takes into account net income receipts from abroad. GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country. GNP = GDP + net property income from abroad.
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