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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 10.1, Problem 1QQ
Textbook Problem
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What two things does GDP measure? How can it measure two things at once?

To determine
The items measured by GDP.

Explanation of Solution

GDP is the summation of monetary value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account. There are two main things that the GDP measures at once and they are as follows:

(1) The total income of everyone in the economy...

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