Which of the Following Statements Is Correct Concerning GDP and GNP

question 93

Multiple Choice

Which of the following statements is correct concerning GDP and GNP?

• A)GDP measures output within the nation's borders only.
• B)GNP measures output within the nation's borders only.
• C)GDP measures output produced by a nation's factors even if they are outside the nation's borders.
• D)GNP measures output outside a nation's borders,but not inside it.

Describe the qualifying expenses for education-related tax credits.

Discuss the purpose behind the implementation of tax credits by Congress.

Explain the qualifications for the retirement savings contributions credit.

Understand the conditions under which the foreign tax credit and adoption credit can be claimed.

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Definitions:

Renewable Energy

Energy generated from natural processes that are continuously replenished, such as sunlight, wind, rain, tides, and geothermal heat.

Coal

Coal is a combustible black or brownish-black sedimentary rock used primarily as an energy source and for heating.

Oil

Triglyceride, usually of plant origin, that is composed of glycerol and three fatty acids and is liquid in consistency due to many unsaturated bonds in the hydrocarbon chains of the fatty acids.

Hydropower

The use of flowing or falling water to generate electrical energy.