What is the primary difference between GDP and GNP? A. GDP better captures goods, while GNP better captures services. B. GDP is a geographic measure, while GNP is a resource ownership measure. C. GDP informs national economic policy, while GNP informs local economic policy. D. GDP requires the use of statistics, while GNP does not. 7. Bookmark question for later What is the difference between macroeconomics and microeconomics? A. Macroeconomics makes assumptions about human nature, while microeconomics doesn't need to make assumptions about human nature. B. Macroeconomics is economics in the large, while microeconomics is economics in the small. C. Macroeconomics has to do with larger objects, such as people and buildings, while microeconomics has to do with smaller objects, like products. D. Macroeconomics deals with the relationships between countries, while microeconomics deals with the relationships between parts of countries. 8. Bookmark question for later What is the GDP deflator? A. A measure of the prices of goods and services indexed against an international standard of acceptable economic growth B. A measure of the prices of goods and services created relative to a certain ideal economic unit C. A measure of the prices of goods and services in a given year relative to the prices of those goods and services in a base year D. A measure of the prices of goods and services that doesn't take into account the economic effects of inflation 9. Bookmark question for later What is nominal GDP? A. The total income earned by residents from foreign investments B. The market va