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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
Chapter 25, Problem 1QR
Textbook Problem
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What does the level of a nation’s GDP measure? What does the growth rate of GDP measure? Would you rather live in a nation with a high level of GDP and a low growth rate or in a nation with a low level of GDP and a high growth rate?

To determine
Importance of the level and growth of GDP.

Explanation of Solution

The level of a nation’s GDP measures both the total income earned by the nation and the total expenditure on the nation’s output of goods and services.

The growth rate of real GDP is a good measure of economic progress whereas the level of GDP is a good measure of economic prosperity. It is always preferred to live in a nation with greater economic prosperity; hence it is preferred to live in a nation with a high level of GDP than a low level of GDP even if the nation has a low growth rate.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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