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What is the difference between GDP and GNP?
Gross domestic product (GDP) is the value of the total final output formed inside a country, during a given year. GDP, like all measures of national income, is a flow (as opposed to stock) figure accruing over the period of one year. Gross national product (GNP) is the value, at current market prices, of all final goods and services formed during a year by the factors owned by the citizens of a country. Thus the income earned by Pakistani citizens working in the US would be contained in Pakistan's GNP but excluded from Pakistan's GDP. Conversely, the income earned by a US citizen (individual or corporate) in Pakistan would be included in Pakistan's GDP but excluded from Pakistan's GNP. Generally, GNP = GDP + net factor income from abroad.
What is the theory of absolute and comparative advantage?
Estimating and Predicting Cost * Estimates of future costs can be obtained from a cost function, which relates cost of production to level of output and other variables which t
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
What is the distinguishes a progressive income tax, from a proportional income tax, or a regressive income tax? A proportional income tax takes the similar percentage of a pe
What is the theory of second best? Prove the theorem with the help of diagram.
Marginal Utility and Indifference Curve - If the consumption of a product moves along an indifference curve, additional utility derived from the increase in consumption of sing
1. Assume that Malaysia can produce cencaluk at 25 bottles per worker and belacan at RM5 per worker. Assume that Indonesia can produce 10 bottles of cencaluk per worker and 20 pack
conditions for an abnormal supply curve
what is the theory of second best? prove the theorem with the help of a diagram.
"A firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is this statement correct or incorrect? Explain.
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