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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

What two things does GDP measure? How can it measure two things at once?

To determine

The items measured by 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. There are two main things that the GDP measures at once and they are as follows:

(1) The total income of everyone in the economy...

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