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(1) The Bureau of Economic Analysis (BEA) replaced gross national product (GNP) with gross domestic product (GDP) as an update to the National Income and
(1) The Bureau of Economic Analysis (BEA) replaced gross national product (GNP) with gross domestic product (GDP) as an update to the National Income and Product Accounts (NIPAs) in November 1991. In concept, both GDP and GNP measure the market value of all final goods and services produced in a certain period. However, there are still differences between them. Explain in your own words how you can get the GNP of a country with adjustments to its GDP. Suppose Honda, as a Japanese vehicle manufacturer, made 8 billion dollars ($) in the United States in 2023. How the $8 billion affects US GDP and GNP? How it affects Japanese GDP and GNP
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