Which of the following are correct statements regarding GDP and GNP?
(A) GDP measures the total market value of all final goods and services produced within a country's borders in a given period.
(B) GNP includes the total income earned by residents of a country, whether earned domestically or abroad.
(C) GDP excludes income earned by foreign residents within the country's borders.
(D) GNP is always higher than GDP for a country with net income receipts from abroad.
(E) GDP and GNP are the same for a country with no foreign trade.
Choose the correct answer from the options given below:
1
(C), (D), and (E) only
2
(A), (B), and (D) only
3
(A), (C), and (E) only
4
(B), (D), and (E) only