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Question: items 2018 gross domestic product 2065820 gross national product 2091330...

Question details

Items 2018

Gross domestic product 20,658.20

Gross national product 20,913.30

Net national product 3,297.70

National income 17,659.30

Personal income 17,644.50

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following:

  1. What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP?

  2. Based on the table, what calculations must you make to determine GNP from GDP?

  3. What is national income (NI)? What does NI measure?

  4. Which was higher in this year, GNP or NI? By how much?

  5. What calculations must you make to determine NI from GNP?

  6. NI is composed of a number of categories. What category makes up the largest portion of NI?

  7. Please analyze and discuss the significance of the data that you received for this Data exercise. Reflect on what you have learned from this exercise.

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