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Questions and Answers
What does GDP stand for?
What does GDP stand for?
- General Domestic Production
- Global Domestic Progress
- Gross Domestic Product (correct)
- Gross Domestic Price
How is market value defined in GDP calculation?
How is market value defined in GDP calculation?
- Value items based on their quantities
- Value items at prices at which they are traded in markets (correct)
- Value items at discounted prices
- Value items based on their production costs
What does real GDP measure?
What does real GDP measure?
- Inflation rate
- Nominal GDP
- Economic growth and fluctuations (correct)
- Aggregate expenditure
Why does GDP equal aggregate expenditure (AE) and aggregate income (Y)?
Why does GDP equal aggregate expenditure (AE) and aggregate income (Y)?
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What are the limitations of real GDP as a measure of economic well-being?
What are the limitations of real GDP as a measure of economic well-being?
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