Read the following statements carefully:
Statement 1: Economic territory and political frontier of a nation are one and the same thing.
Statement 2: American Embassy in India is a part of the economic territory of India.
In the light of the given statements, choose the correct alternative from the following:
Statement 1: Incorrect. A country's economic territory encompasses its political borders but excludes foreign diplomatic enclaves within those borders.
Statement 2: Incorrect. The United States Embassy in India is classified as part of the United States' economic territory, not India's.