Elucidate the difference between gdp and gnp

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Reference no: EM1334507

GDP, GNP, Natural Rate of Unemployment

1. Describe the four broad categories of GDP using consumption approach. Give detailed account of each component.

2. Explain the difference between GDP and GNP. What adjustments needs to be made to GDP to arrive at GNP?

3. What is the "Natural Rate of Unemployment" ?

4. Why do some economies grow faster than others?

Reference no: EM1334507

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