QUESTIONS
GDP
State concisely, in your own words, the essence
i. of what GDP measures and ii. What GDP does not measure?
Answer:
i. GDP measures total production in a country during a specific period of time, typically one year, by considering the market value of all final goods and services produced in that country. Measuring total production is equivalent to measuring total income.
GDP, Y = C+I+G+NX
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