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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the complexity of a modern economy?

To determine

The method of measuring GDP adopted by statisticians is to be determined and whether it reflects the complexity of a modern economy.

Explanation

The information collected by the bureau includes over months of surveys and is published as quarterly GDP report. These are rough estimates calculated by collecting bits and pieces of information available through different channels. Every five year the old results are modified based on new data collected...

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