US GDP and U

question 80

Multiple Choice

U.S. GDP and U.S. GNP are related as follows:

• A) GNP = GDP − Income earned by foreigners in the U.S. + Income earned by U.S. citizens abroad.
• B) GNP = GDP + Income earned by foreigners in the U.S. − Income earned by U.S. citizens abroad.
• C) GNP = GDP + Value of exported goods − Value of imported goods.
• D) GNP = GDP − Value of exported goods + Value of imported goods.

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Definitions:

Identical Products

Products that are the same in every aspect, often referred to in economics to describe goods that have no differentiation in the eyes of consumers.

ATC

ATC can refer to Air Traffic Control, a service provided to ensure the safe, orderly, and expeditious flow of air traffic in the sky and at airports.

MC

MC stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.

Peak Efficiency

The maximum operational efficiency that a process, system, or organization can achieve under ideal conditions.