Question

Explain the macroeconomic identities.
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Answer 1

Explanation:

It is defined as GDP plus factor income earned by the domestic factors of production employed in the rest of the world minus factor income earned by the factors of production of the rest of the world employed in the domestic economy. Therefore, GNP = GDP + Net factor income from abroad.

Answer 2

Answer:

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Explanation:

It is defined as GDP plus factor income earned by the domestic factors of production employed in the rest of the world minus factor income earned by the factors of production of the rest of the world employed in the domestic economy. Therefore, GNP = GDP + Net factor income from abroad