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Define gdp and discuss how it is measured

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Reference no: EM131626060

Answer the following questions:

  • Define GDP and discuss how it is measured. Compare and contrast the expenditure versus income approach.
  • What are some of the drawbacks of using GDP to measure economic well-being?
  • Explain the effect of a negative trade deficit (X-M) on GDP.

Reference no: EM131626060

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