Real GNP in an open economy is:

Name: Real GNP in an open economy is:
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Real GNP in an open economy is the closed economy real output plus net real asset income from abroad. This is because real GNP takes into account both the domestic production and the income earned from abroad by domestic factors of production. Net real asset income from abroad is the difference between the income earned by domestic factors of production abroad and the income earned by foreign factors of production domestically.

Real GNP in an Open Economy Is