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Review Questions: Chapter 2 1. Give examples of 3 transactions that would not be included in a GDP or GNP calculation. 2. Give an example of a transaction that would be included in a GDP calculation but not in a GNP calculation. Also, given an example of the opposite case. 3. Is GNP a flow or a stock? How can you tell? 4. Give an example of an investment good and a consumption good. Use your examples to explain how investment differs from consumption. 5. Describe the differences between the following items used when the income approach is used to account for GNP: Gross national product and net national product. Net national product and national income. National income and personal income . Personal income and disposable income. . Disposable income and consumption expenditure. 6. In your stats-book, examine the trends followed by personal income and national income. Using the definitions of each of these income measures, seek possible explanations for changes in the trends that you observe. 7. Why should we expect the national income accounting identity, Y = AE, to always hold