WAEC - Economics (2016 - No. 32)
The difference between GDP and GNP
consumption of fixed capital
indirect business tax
net factor income from abroad
public transfer payment
Explicaţie
The main difference is that GNP (Gross National Product) takes into account net income receipts from abroad. GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country. GNP = GDP + net property income from abroad.