Answer:
a. GNP
b. real GDP
c. GDP per capita
d. GDP PPP
e. nominal GDP
Step-by-step explanation:
Gross domestic product statistics come in a variety of forms designed to investigate different aspects of production and the standard of living.
Nominal GDP is the market value of all final goods and services produced in a given country in a given year. Nominal GDP uses the prices at which the goods actually sold to value them (market value), and is not concerned with intermediate goods, which are goods used as inputs in the production of some other good or service. GDP also uses everything produced within the borders of a particular country, regardless of who owns those resources. This means that Toyotas produced at a plant in Kentucky would count towards U.S. nominal GDP, but Fords produced in Mexico would not.
Gross national product, the measure most used by economists before the early 1990s, is very similar to nominal GDP. The only difference is that GNP uses output produced by resources owned by citizens of a particular country, regardless of where that production takes place. So for GNP, the Fords produced in Mexico would count towards U.S GNP, but the Toyotas produced in Kentucky would not.
The type of GDP used most often is real GDP. This is GDP with output valued at the prices from a designated base year rather than by the market prices at which products were actually sold. This removes increases in GDP which come from price increases, leaving only the increases in the actual production of goods and services.
Another popular GDP measure is GDP per capita, which is simply GDP divided by the population. GDP per capita reveals how much each person in a country would have if GDP were divided equally among the entire population. The actual distribution of income will not be even, of course, but it does give economists a good idea of the relative wealth of different countries.
International comparisons are often hampered by significant differences in prices between countries, particularly in the prices of services that are hard to trade, like taxi rides or haircuts. GDP PPP, or GDP adjusted for purchasing power parity, is an attempt to adjust statistics to allow for variations in the cost of living, to give a more realistic picture of the differences between nations.