Question

_____ measures final goods and services made in the United States, while _____ measures final goods and services made with American factors of production.

U.S. Gross National Product, U.S. Gross Domestic Product
U.S. Gross Domestic Product, U.S. Gross National Product

Answer 1

1. U.S. Gross Domestic Product

2. U.S. Gross National Product

Step-by-step explanation:

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) comes from the measurement of the production that both do: while the GDP quantifies the total production carried out in a country, independent of the residence of the factor productive that generates it; in the GNP, on the other hand, only products or services obtained by productive factors resident in the country of measurement are included.

In all real economies, both measures differ although in a small way, because a part of the internal production is owned by foreigners and a part of the external production constitutes income for national residents. Thus, part of the income received from work and capital in the internal economy actually belongs to foreigners. This can be seen more easily if foreign workers are employed in the national economy. At the same time, there may be national residents who receive part of their income from abroad. They can work abroad, or own shares of foreign companies. The GDP measures the income of the factors of production within the limits of the nation, regardless of who receives the income. The GNP measures the income of residents, regardless of whether the income comes from domestic production or from the rest of the world.

Answer 2

U.S. Gross Domestic Product predicts the final goods produced in the U.S., while the U.S. Gross National Product analyzes the Delivery of final goods & services by American development factors .

Explanation:

The total dollar for any finished production of goods & services in the borders of the nation within a specified period is Gross Domestic Product (GDP). Although GDP is typically calculated every year; it can be measured on every year.

GNP must compensate both nationally and worldwide for U.S. citizens' and companies' investments and should calculate the value for all products produced locally, regardless of how they are created. GNP doesn't include income from overseas nationals and businesses in the America.