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Define gross domestic product and gross national product

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Reference no: EM131017496

Could you explain the similarities and differences between GDP and national income?

Would you define Gross Domestic Product and Gross National Product. Then answer the following question: Why would a Honda manufactured in Ohio be included in U.S. GDP, while a General Motors vehicle manufactured in Mexico would not?

Finally, please identify and describe the four components of GDP and answer the following question, please demonstrate how you arrived at your solution. If GDP is $100 billion, consumption is $60 billion, investment is $30 billion, and net exports are -$5 billion, what is government spending in this economy?

Reference no: EM131017496

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