Explanation Gross domestic product can be defined as the market value of all final goods and services that are produced by an economy during a financial year. From this definition, it is clear that GDP measures the total income earned from final goods and services in the economy and also i...

GDP and its measurement.

Macroeconomics

10th Edition

ISBN: 9781319105990

Author: Mankiw, N. Gregory.

Publisher: Worth Publishers,

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Why might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?
List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.
Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retiree

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