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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

Which contributes more to GDP—the production of an economy car or the production of a luxury car? Why?

To determine

The contribution to GDP.

Explanation

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.

In this case, there are two commodities given. One is the economy car production and the other is the luxury car production. The names themselves define them...

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