Question

1. What is the difference between gross national product (GNP) and gross domestic product (GDP)?
2. Which is the federal government's official measure of how much output our economy produces?
3. What is a business cycle?
4. Compare and contrast a recession and a depression; describe some of the key characteristics of each of these two economic phases.

Answer 1

Answer:

1: National is worldwide and domestic is city or maybe state wide.

2: Total output can be measured two ways: as the sum of the values of final goods and services produced and as the sum of values added at each stage of production. GDP plus net income received from other countries equals GNP. GNP is the measure of output typically used to compare incomes generated by different economies.

3:  Business cycles are comprised of concerted cyclical upswings and downswings in the broad measures of economic activity—output, employment, income, and sales.

4: Recession is a temporary economic decline and a depression is a long term decline in economic periods

Explanation: Hope this answer was helpful :)