Question

6. Explain the difference between GDP deflator and inflation rate. Does GDP deflator help us estimate the inflation rate?

Answer 1

Answer:

GNP and GDP both reflect the national output and income of an economy. The main difference is that GNP (Gross National Product) takes into account net income receipts from abroad. GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country.

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