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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 a pound of hamburger or the production of a pound of caviar? 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.

Here, we have two commodities given, caviar and hamburgers. They are both commodities that are produced by the economy and thus, they are both contributors to the GDP of the economy...

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