Cpi measures inflation and gdp deflator

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Confused regarding the following questions:

1) Defend the argument that the GDP measure of output should be the final value of goods produced, not the sum of all the values of goods produced. Give an example supporting your stance. - am i supposed to talk about the fact that we should not double count goods and services? like cars as a whole and not tires, shields etc

2) Critically evaluate the following statement: 'The consumer price index (CPI) and GDP deflator both measure the changes in prices in an economy, but they differ in that the CPI measures inflation and GDP deflator measure deflation

Reference no: EM132601345

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