GDP vs GNP
1. The US changed the way we measure our economy from the position of Gross National Product to Gross Domestic Product. Compare and contrast the 2 and, in your opinion, choose which one is better. (one page min)
2. Why do economists include only final goods and services in measuring GDP for a particular year? Why don’t they include the value of used goods, i.e. cars, furniture, etc., bought and sold? (one page min)
Define net exports. Explain how US exports and imports each affect domestic production. How are net exports determined? Explain how net exports might be a negative amount. (one page min)
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