EXAM 2: NATIONAL ACCOUNTS: PRINCIPLES OF MACROECONOMICS 1. Explain what you understand by the Gross Domestic Product and the Gross National Product of a country and what the difference is between both terms. PROBLEM A: Answer questions 2 and 3 based on the following table: Table 1 National accounts of Puerto Rico, 2007 (millions of dollars) Personal consumption expenses 51,949.3 Government Consumption Expenditures 10,512.4 Total Gross Domestic Investment 11,987.8 Net sales to the rest of the world (14,929.0 Rest of the world 2. What is the Gross National Product? 59,520.50 3. What is the Gross Domestic Product? 88,404.50 3. Explain the difference between Gross National Product and Net National Product PROBLEM B: The Following are national Accounts of Puerto Rico for year 2013 Answer questions 4 and 5 based on the following table: Table 2 National Accounts of the economy of Puerto Rico for Fiscal Year 2013 (in millions of dollars)