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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Suppose GDP is $6 trillion in year 1 and $6.2 trillion in year 2. What has caused the rise in GDP?

To determine

Explain the causes of rise in GDP.

Explanation

Gross Domestic Product (GDP) is the sum of all goods and services produced in a country. GDP will be increased from $6 trillion to $6.2 trillion in the next year, and the several reasons to increase from year 1 to year 2 are written as follows:

In a market, if price increases continuously with constant change in output, then it leads to an increase in GDP...

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