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JAMB Economics 2004 Question 10

Question 10

National Income

GDP differs from GNP because GDP

  1. A.is inclusive of depreciation
  2. B.emphasizes the final goods and services produced within the country at a particular period
  3. C.emphasizes the goods and services produced within the country
  4. D.emphasizes the market value of all final goods and services produced by nationals
Show the answer and explanation

Answer: B (emphasizes the final goods and services produced within the country at a particular period)

Explanation

GDP measures final goods and services produced within the country's borders in a period, whoever produces them; GNP measures output by the country's nationals wherever they are.