The GDPs (at factor cost) and population sizes of two countries and were identical in a particular year. Which of the following statements is then necessarily true for that year?
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1 mark, −0.25MacroeconomicsNational income accountingGDP, GNP, NDP and national incomeModerateabout 1 min
JNU SSS 2015 Question 2: National income accounting
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The GDPs (at factor cost) and population sizes of two countries A and B were identical in a particular year. Which of the following statements is then necessarily true for that year? (A) A and B had identical per capita incomes. (B) A and B were equally wealthy countries. (C) A and B had identical levels of labour productivity. (D) Neither of the three—(a), (b) and (c) need be the case
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What this question tests
This question is on GDP, GNP, NDP and national income, part of National income accounting in Macroeconomics.
Converting between GDP, GNP, net product and national income, and between market prices and factor cost.
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Question from the JNU SSS 2015 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.