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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Goods and services that are not sold in markets, such as food produced and consumed at home, are generally not included in GDP. Can you think of how this might cause the numbers in the second column of Table 3 to be misleading in a comparison of the economic well-being of the United States and India? Explain.

To determine

The difference in GDP of India and US.

Explanation

Gross Domestic Product is the summation of money value of all the final goods and services that are produced by the country within its political boundary within a financial year. Thus, it will take into account all the final goods and services produced in a year in the country.

The countries like India and the other developing nations in the world pro...

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