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Please pay particular attention to pages three and four of the syllabus prior to writing the exam. All answers are expected to be complete and it is suggested that you employ examples to demonstrate you full understanding of the subject in question. The exam must be handed in the evening of July 1st. 1. Define and give examples of G.D.P. and G.N.P. as well as the importance of each. Who uses this information and how does it affect the economic policies of the government? GDP or the Gross Domestic Product is the value of all goods and services sold within a given one year period within the borders of a given country. Examples of items included within the GDP would be Hotels and other lodging places, personal services, auto repair, motion pictures, lumber and wood products, furniture and fixtures, educational services, legal services and retail trade. GNP or the Gross National Product is the total monetary value of all final goods and services produced in a given one year period within the borders of a given country and by companies based in those countries (includes their operations abroad). “Final” goods and services are goods and services sold or otherwise provided to their final consumers. Politicians will use these numbers to facilitate economic policy making. The Federal Reserve will use these numbers to help determine Monetary Policy (i.e.
Approximate Word count = 878
Approximate Pages = 3.5
(250 words per page double spaced)
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