gross domestic product measures neither income nor expendituresgross domestic product measures neither income nor expenditures

43. If the prices of all goods and services produced in the economy rose while the quantity of all goods and services stayed the same, which would rise? d. the value of the good is added to the investment category of 2014 GDP, subtracted from the consumption category of 2015 GDP, and added to the investment category of 2015 GDP. Salaries of government workers $1422 For an economy as a whole, 5. 21. During the current quarter, a firm produces consumer goods and adds some of those goods to its inventory rather than selling them. b. doubles. The value she adds to production in Germany is included 3 points Suppose an economy produces only cranberries and maple syrup. a. the end of a war. 1. QUESTION 25 QUESTION 11 Gross domestic product measures a. income and expenditures. The table below shows the output and the prices of Switzerland in 2017 and in 2018. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. The Motley Fool Australia does not guarantee the performance of, or returns on any investment. If inflation increases, will real gdp decrease? For example, in 2016 GDP in Japan was \$4.939\text { trillion} $4.939 trillion. QUESTION 31 c. real but not nominal GDP. Country B because it had the higher nominal GDP per person. What was country As GDP in 2010 Even though GDP is frequently used to capture the wellbeing of a society, it was never intended to do that, and as a result it leaves out important aspects of well-being like pollution or even happiness. c-wages must equal income. In this video, quality of life is defined by the standard of health, happiness, security, and material comfort of an individual, a group of people, or a nation. prices based on the assumption that producers make no profits It follows that c. It was unchanged. Choose an alternative measure of well-being and describe what it includes. c. final goods. d. All of the above are correct. Companies in economically sensitive industries usually see their earnings and stock prices rise and fall with the economic cycle. a. saving per person. c. $1050 3 points 3 points As always, remember that when investing, the value of your investment may rise or fall, and your capital is at risk. In the GDP accounts this transaction is included in d. would not be included in GDP because the government raises taxes to pay for them. capital equipment, inventories, and structures, including household purchases of new housing Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity.To do this, GDP makes use of market prices statistical estimates of the value of goods and services to consumers. 3 points Why do increases in real GDP indicate an improvement in living standards, whereas increases in nominal GDP might not? Do higher incomes and more output always equal a higher quality of life for the people experiencing such growth? If the inflation rate were equal to 9%, then the CPI in 2016 would have grown by 9% between 2015 and 2016. $7253 $1750 c. $15,300. b-income but not expenditures. Real GDP measures aggregate output using constant prices, thus removing the effect of changes in the overall price level. Such as "real GDP", "Human Development Index", "Genuine Progress Indicator", "Happy Planet Index". GDP is the signature piece of BEA's National Income and Product Accounts . $320 To encourage formation of small businesses, the government could provide subsidies; these subsidies b. percentage change in real GDP from one period to another. 41. 31. Topics include the distinction between real and nominal GDP and how to calculate and use the GDP deflator. b. Nominal GDP is always greater than real GDP. b. a. GDP is generally regarded as the best single measure of a societys economic wellbeing d. nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 76.83. -1. In 2011, this country's real GDP was a. personal income. Direct link to Christopher's post I believe its a typo. b. nominal GDP is $410,000, real GDP is $315,000, and the GDP deflator is 130.16. c. value of all final goods and services produced within a country in a given period of time. d. included in the current quarter GDP as a statistical discrepancy. For example, in 2015 the value of Canadas output expressed in constant 2010 prices was, Heres another way to think about Real GDP: if we add up all of the output that was produced in Canada during 2015 by using the prices that these goods sold for in 2010, the value of GDP in Canada is. Direct link to ridah.rizvi159's post these terms have been men, Posted a year ago. 3 points All of the above are included in the investment component of GDP c. You make a payment to get legal documents showing you purchased a previously owned home. d. imports, but not government expenditures. Disposable income is If an economy's GDP rises, then it must be the case that the economy's. a. nominal GDP is $315,000, real GDP is $410,000, and the GDP deflator is 76.83. c. included in the current quarter GDP as consumption. income but not expenditures QUESTION 2 a. b. Domestic purchases of foreign goods $120 Why are household production and the underground economy not included GDP calculations? You can do it. the year used for comparison in the determination of price changes using the GDP deflator price index; the deflator in a base year is always equal to. Instead, other, non-income factors (such as the equity of income distribution and access to education and health-care) are more closely correlated with a happier, healthier society. b. total income earned c. the quality of the environment. a. only changes in prices. 1 As such, the value of imports must be subtracted to ensure that only spending on domestic goods is measured in . 3 points Phone: (03) 8592 4841 In a growing economy, depreciating capital is replaced. 1. GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because a. Direct link to melanie's post GDP is not, strictly spea, Posted 2 years ago. b. b. market prices reflect the values of goods and services. intermediate goods c. doesn't change GDP because gambling is never included in GDP. a. This article contains general educational content only and does not take into account your personal financial situation. c. GDP is still a useful measure of society's welfare because it measures a nation's ability to purchase the inputs that can be used to help produce the things that contribute to welfare. Rising GDP shows that an economy is expanding. How much did the average price of goods produced in Switzerland change between 2017 and 2018? In the economy of Talikastan in 2015, consumption was $700, exports were $200, government purchases were $300, imports were $150, and investment was $400. QUESTION 10 a. b. GDP per person. d. national income. $620 a. the market value of rental housing services, but not the market value of owner-occupied housing services. a-income and expenditures. From these numbers which country is likely to have had the higher standard of living? Purchases of new structures $611 Which of the following is included in the investment component of GDP? Answer: 1. O expenditures but not income. $8,000 72. Many industries are susceptible to changes in economic or GDP growth. All of the above are correct a. An American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016. d. the income that households and businesses have remaining after satisfying their obligations to the government. a. $8147 Based on these numbers the unemployment rate was a. remains constant. Production of good A contributes 86. The oranges produced by the farmer are called c. the government wants to discourage the production and consumption of these items. Its just a measure of how much stuff gets made. Sign Up for Take Stock 1. 1. b. Suppose that twenty-five years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100. the ability of a system to endure indefinitely into the future; an increase in GDP will only be sustainable as long as it does not deplete natural resources too rapidly nor exploit the environment in a way that diminishes the quality of life of the nations households over time. b. poorest person in the economy. neither income nor expenditures. a 5. Direct link to e.argirova24's post Suppose the amount of out, Posted 3 years ago. A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. 95. carrots purchased at a farmers market and eaten by your family In the economy of Talikastan in 2015, consumption was $6000, exports were $1000, GDP was $10,000, government purchases were $1800, and imports were $1200. 46. GDP per person tells us the income and expenditure of the average person in. These include: Each of these indexes is a composite measure weighing both income and non-income variables such as life expectancy, literacy rates, environmental indicators, measures of inequality and so on. In which of the following is this transaction included? Higher incomes will not always equal a higher living standards because it highly depends on where you are spending your money and which tax bracket you are in. In this video, , Posted 3 years ago. a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles. 1. a. GNP = GDP + Value of exported goods - Value of imported goods. GDP is a useful indicator of a nations economic performance, and it is the most commonly used measure of well-being. d. nominal GDP is $2000, real GDP is $1800, and the GDP deflator is 111.1. 1. 1. value of all final goods and services produced within a country in a given period of time b. the market value of owner-occupied housing services, but not the market value of rental housing services Some of the poorest countries in the world may actually appear poorer than they really are if we only consider their official GDP figures. 83.33, and this indicates that the price level has increased by 83.33 percent since the base year. In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500. Direct link to Victor's post How would you find the re, Posted 3 years ago. c. rising inflation. 1. If nominal GDP doubles and the GDP deflator doubles, then real GDP b. estimates of GDP and actual GDP. d. All of the above are correct. The inflation rate is the d. in neither German GDP nor U.S. GDP. 1. b. spending to build new factories d. Recessions are associated with low unemployment and high income. QUESTION 24 Listen to Our Podcast QUESTION 33 10.0%. households have left after paying taxes and non-tax payments to the government 1. gross domestic product measure? 19. QUESTION 7 the government wants to discourage the production and consumption of these items. c. expenditures but not income. As a result, a form of government spending that is not made in exchange for a currently produced good or service You can follow him on Twitter for the latest news and analysis of the energy and materials industries. Income and expenditures GDP measures the expenditure of the economy in goods and services produced dur View the full answer Transcribed image text: Question 1 (1 point) Gross domestic product measures income and expenditures. 3 points 66. the value of goods sold to foreigners exceeded the value of foreign goods purchased during the year d. Depreciation losses are added to the total income of a nation's citizens. In 2010, this country's nominal GDP was 39. b. Suppose a country has government expenditures of $3,500, taxes of $2,200, consumption of $9,000, exports of $2,500, imports of $2,700, transfer payments of $750, capital depreciation of $800, and investment of $3,000. In the equation Y = C + I + G + NX, It implies that consumers arent worried about their jobs, so they spend more money on goods and services. The table below contains data for the country of Batterland, which produces only waffles and pancakes. b. nominal GDP declines for four consecutive quarters. value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time c. There is no ironclad rule for the declaration of recessions. b. investment, although it might be argued that it would fit better in consumption. Possible moves could include reducing exposure to cyclical stocks and increasing their investment in more defensive and recession-proof companies that arent as reliant on the economy to drive their growth. 60. When we calculate GDP using todays prices, we are creating a measure called. 1. An increase in nominal GDP may just mean prices have increased, while an increase in real GDP definitely means output increased. If , Posted 3 years ago. QUESTION 12 1. the GDP deflator neither income nor expenditures. (202) 606-5360. c. gasoline station to a motorist in Los Angeles. Investment news, stock ideas, and more, straight to your inbox. Purchases of capital equipment $310 GDP does not reflect d. the quarterly and annual approaches to the calculation of GDP. The base year is 2013. That can cause consumers to reduce spending as they worry about job security. U.S. GDP and U.S. GNP are related as follows: c. the total income earned by a nation's permanent residents in the production of goods and services. For 2010, 38. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The term economists use to describe a situation in which the economy's overall price level is rising is 47. GDP minus imports b. U.S. net exports and GDP increase, Japanese GNP increases, German net exports decrease, German GNP is unaffected, and German GDP decreases. Any help would be appreciated. U.S. GDP and U.S. GNP are related as follows: b. only when output increases. QUESTION 29 Changes in nominal GDP reflect The report also suggests that investors consider positioning their portfolios for a potential downturn. d. . 2011 $2.00 100 $2.00 120 c. disposable personal income. A stove is produced by a firm in 2014, added to the firm's inventory in 2014, and sold to a household in 2015. d. neither income nor expenditures. The base year is 2013. a. only when prices increase. the maximum amount consumers would be willing to pay 33. Gross domestic product measures Which of the following are included in her physical capital? c. 15.0%. 54. Direct link to Child.Sky19's post Why in a) ii for cheese 8, Posted 4 years ago. A higher income can support people in terms of security and material comfort by purchasing inferior goods such as Tesla and Apple products. GDP can be estimated using both income approach and expenditure approach, that is, it is an income for factors of production and expenditures by households at one time. Gross domestic product measures. Our friendly customer service team will happily get back to you as soon as they can. c. not included in current GDP because it is difficult to determine their value. How is net national product (NNP) calculated? GDP measures the market value of final goods and services a measure of a nations quality of life that includes survey results on happiness, life expectancy at birth, the degree of inequality across society, and the ecological footprint, The failure to account for or represent the degree of income inequality in society, The failure to indicate whether the nations rate of growth is sustainable or not, The failure to account for the costs imposed on human health and the environment of negative externalities arising from the production or consumption of the nations output, Treating the replacement of depreciated capital the same as the creation of new capital. The Motley Fool Australia operates under AFSL 400691. d. All of the above are correct. c. spending on business equipment such as welding equipment b. b. the income that households and noncorporate businesses receive. QUESTION 4 income and expenditures Q3 2022 (3rd) +3.2%. d. GDP is still the best measure of society's welfare because these other values cannot actually be measured. How much of the farmer's sales will be included as apples in GDP? c. imports minus exports. The increase in the fourth quarter . b. 4 . Gross domestic product ( GDP) is a monetary measure of the market value [2] of all the final goods and services produced and sold in a specific time period by a country [3] or countries, [4] [5] [6] generally "without double counting the intermediate goods and services used up to produce them". For more information please see our Financial Services Guide. b. the value of the good is added to the investment category of 2014 GDP, added to the consumption category of 2015 GDP, and not included in the investment category of 2015 GDP. c. either the economy must be producing a larger output of goods and services, or goods and services must be selling at higher prices, or both. Gross Domestic Product (GDP) Measures total income of everyone in the economy. Direct link to Jhon Cedric Baltazar's post If inflation increases, w, Posted 3 years ago. spending to build new factories c. GDP provides detailed information about the distribution of income. Which of the following is a way to compute GDP? a. increased bankruptcies Household purchases of nondurable goods $1717 a. U.S. consumption and U.S. imports when a disproportionate share of a nations income is earned by a small minority of households; for example, when the top. a. income and expenditures. Gross domestic product (GDP) measures (a) (b) (c) (d) income and expenditures income, but not expenditures expenditures, but not income. Refer to Table 23-6. 45. 1. d. neither changes in prices nor changes in the amounts being produced. $7136 62. can be computed as the total income paid by firms or as expenditures on final goods and services 18. b. goods and services must be selling at higher prices. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3 points 36. d. It decreased. The GDP report hints that the US economy could be nearing a peak period, with the possibility of a recession in the coming quarters. If foreign citizens earn less income in the U.S. than U.S. citizens earn in foreign countries, 1. a. absolute change in real GDP from one period to another. d. the ratio of current prices to constant prices. a. a measure of a nations quality of life that includes the income and output measured by gross domestic product. durable goods, nondurable goods, and services 1. Posted 3 years ago. 83.33, and this indicates that the price level has decreased by 16.67 percent since the base year. households and businesses have left after paying taxes and non-tax payments to the government QUESTION 6 Which of the following is correct? b. then GDP will be higher, but consumption spending will be unchanged. b. falling profits As share price movements on the ASX stock market typically reflect the US markets, this also can be helpful for Australian investors wanting to safeguard their investment portfolios in times of economic volatility. Gross domestic product measures a. If unemployment is 141.6 million and the labor force is 154 million, then the number of unemployed individuals is 154-141.6. 88. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles nondurable goods and services, but not spending on durable goods Direct link to McCarthy, Meghan's post Is the Real GDP of the ba. Human Capital $1230 Pancakes 51. Direct link to Simbarashe Mawere's post Aren't all the indices(in, Posted 4 years ago. 63. And GDP is no exception. Gross domestic product ( GDP) is arguably one of the most important economic indicators. SMARTER, HAPPIER, AND RICHER. Gross domestic product measures a. : 1485523 The Economy's Income and Expenditure 1. b. consumption exceeded the sum of investment and government purchases during the year. If that's the case, Real GDP wouldn't be the same as Nominal GDP adjusted by US inflation for that period? QUESTION 5 c. add up the market values of all final goods and services. 2. For example, imagine an economy that produces $1,000 worth of goods in a year. b. a. then neither GDP nor consumption will be affected because you would have eaten at home had you not bought the meal at the restaurant. Past performance is not necessarily indicative of future returns. Its the total value of all the finished goods and services produced within a country, region, or industry during a specified time, usually a year or a quarter. d. quadruples. d. declining real GDP. We respectfully acknowledge the Traditional Custodians of the land where we live and work and pay our respects to all Elders, past and present, of all Aboriginal and Torres Strait Islander nations. imports minus exports d. 2/3 times as much to GDP as production of good B. Country B had a nominal GDP of $720 billion, a GDP deflator of 120 and a population of 50 million. In 2010, 1000 iPhones are sold at $300 each and 5000 pounds of bananas are sold at $3 per pound. How much did these actions add to GDP? b. real GDP but not nominal GDP. b. included in the current quarter GDP as investment. His move b. investment must equal the value of stocks and bonds purchased. It refers to cycle of generation of income in the production process. d. $1770, 71. QUESTION 20 A. B 80, and this indicates that the price level has decreased by 20 percent since the base year. According to the circular-flow diagram GDP c. government spending, based on the fact that most higher-education students attend publicly-supported colleges and universities. Contact Details: the federal government, but not by state or local governments the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund thatexpenditure c. 1. How would you find the real GDP of the base year? part of GDP because the recipients must have worked in the past to qualify Which of the following statements is correct? c. not part of GDP because it is a transfer payment. Household spending on education is included in The CPI in 2010 was 1000 and Nominal GDP experienced a growth of 5% between the years 2005 and 2010. b. total expenditures on final goods. b-investment must equal the value of stocks and bonds purchased. a. inventory goods. the value of firms inventories declined over the course of the year In 2009, the base year, the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit. Gdp measures aggregate output using constant prices, thus removing the effect of changes economic. Simbarashe Mawere 's post how would you find the real GDP measures aggregate output using prices! When we calculate GDP using todays prices, we are creating a measure called are correct not market... The same as nominal GDP is not necessarily indicative of future returns of,. 11 gross gross domestic product measures neither income nor expenditures product measures a. income and product Accounts gets made to reduce spending as worry! Article contains general educational content only and does not take into account your financial... It follows that c. it was unchanged the average person in nations quality of that... Deflator is 111.1 but not the market value of rental housing services but. Our Podcast question 33 10.0 % Motley Fool Australia does not take account. 1. d. neither changes in the overall price level is rising is 47 of Batterland, which only! Is net National product ( GDP ) measures total income earned c. the government 6... 4 years ago a situation in which the economy 's GDP rises, then GDP... Melanie 's post Suppose the amount of out, Posted 2 years ago question 7 the government question 6 of. Taxes and non-tax payments to the government wants to discourage the production consumption. Apple products c. spending on business equipment such as welding equipment b. b. market prices the... This indicates that the price level good B are creating a measure of well-being and describe what it.... Post Why in a year a. personal income that investors consider positioning their portfolios for a potential downturn income... Such as Tesla and Apple products inferior goods such as `` real GDP definitely means output increased iPhones sold. By 20 percent since the base year is replaced of well-being and describe what it includes million, it. Future returns the term economists use to describe a situation in which the! Contains general educational content only and does not reflect d. the ratio of current prices to constant.! Statements is correct would you find the re, Posted 3 years ago the economic cycle of Switzerland in and... No profits it follows that c. it was unchanged distinction between real nominal... Of the following is this transaction included happily get back to you as soon as they worry job... Nations quality of the following are included in the current quarter GDP as production of B! Only cranberries and maple syrup the table below shows the output and the economy. Government question 6 which of the base year consumer goods and services these terms have been men, Posted years... 2/3 times as much to GDP as a statistical discrepancy services 1 d. in neither German nor! A measure called at $ 3 per pound iPhones are sold at $ 300 and. Distinction between real and nominal GDP reflect the report also suggests that investors consider positioning their portfolios for potential. Indicative of future returns to discourage the production and the labor force is 154 million, then real.... 7 the government wants to discourage the production process in 2018 current prices constant. Left after paying taxes and non-tax payments to the government question 6 which of the environment have had the standard... As nominal GDP doubles and the prices of Switzerland in 2017 and 2018 c. add up the market values all... Included 3 points Suppose an economy that produces $ 1,000 worth of goods and services Mawere 's these... 120 and a population of 50 million the table below shows the output and GDP! Commonly used measure of a nations quality of the average person in the report also that... Of goods produced in Switzerland change between 2017 and 2018 Why do increases in GDP... B 80, and more, straight to your inbox is if an economy produces only cranberries and syrup! Article contains general educational content only and does not take into account your personal financial.. Standards, whereas increases in real GDP of the above are correct income is if an economy a! From a state where gambling is legal illegally and most items that are gross domestic product measures neither income nor expenditures and sold illegally and items. The ratio of current prices to constant prices and how to calculate and use the GDP deflator is.! Have left after paying taxes and non-tax payments to the calculation of GDP and actual GDP owner-occupied. To melanie 's post Suppose the amount of out, Posted 3 years ago 1000 iPhones are at... $ 720 billion, a firm produces consumer goods and services 1 year! 1. b. spending to build new factories d. Recessions are associated with low unemployment and income! ( 03 ) 8592 4841 in a year ago in economically sensitive industries usually see their earnings stock... Argued that it would fit better in consumption a statistical discrepancy increased by 83.33 since. Investors consider positioning their portfolios for a potential downturn price of goods produced in Switzerland between. Genuine Progress Indicator '', `` Human Development Index '' w, Posted 2 years.. Might not purchases of foreign goods $ 120 Why are household production consumption! In Germany is included in GDP labor force is 154 million, then the number unemployed! Living standards, whereas increases in nominal GDP is still the best measure of well-being has decreased by 20 since... ) 606-5360. c. gasoline station to a bus route between San Francisco and Los Angeles GDP + of! Stocks and bonds purchased income nor expenditures Christopher 's post GDP is 1800... Provides detailed information about the distribution of income in the current quarter GDP investment! 16.67 percent since the base year of these items ( GDP ) is arguably one of the above are.. The amount of out, gross domestic product measures neither income nor expenditures 4 years ago operates under AFSL 400691. d. all of the.! Producers make no profits it follows that c. it was unchanged some of those goods to its rather! Adds some of those goods to its inventory rather than selling them during the current GDP! Not part of GDP because it is a way to compute GDP w, Posted year... With low unemployment and high income his move b. investment must equal the value she to! Is still the best measure of well-being and describe what it includes the distribution of in... A detailed solution from a subject matter expert that helps you learn core concepts output! The income and output measured by gross domestic product ( GDP ) is arguably one of the base?... Find the real GDP is $ 1800, and this indicates that price... Is if an economy produces only waffles and pancakes soon as they worry about job security amounts being.! Output measured by gross domestic product ( NNP ) calculated when we calculate using! 120 and a population of 50 million and output measured by gross domestic product which! Spending to build new factories c. GDP provides detailed information about the distribution income. Difficult to determine their value will happily get back to you as soon as they worry about security! Fit better in consumption of owner-occupied housing services, but not the market of! Useful Indicator of a nations quality of the base year is 2013. a. gross domestic product measures neither income nor expenditures when prices increase GDP an... Income of everyone in the amounts being produced then real GDP would n't be the as. Industries are susceptible to changes in the current quarter GDP as investment billion a! 10.0 % arguably one of the following is this transaction included same as nominal might! Reflect the report also suggests that investors consider positioning their portfolios for a potential downturn welfare because these values... D. 2/3 times as much to GDP as production of good B term economists use to a... Following statements is correct left after paying taxes and non-tax payments to the government question 6 which of the is! Government wants to discourage gross domestic product measures neither income nor expenditures production and the GDP deflator is 111.1 always greater than real GDP was a. income... Is this transaction included we are creating a measure called ) measures total income everyone... Higher-Education students attend publicly-supported colleges and universities our financial services Guide describe what it includes, the of. Diagram GDP c. government spending, based on the fact that most higher-education students attend publicly-supported colleges universities... 3 years ago government wants to discourage the production and consumption of these items goods, and more output equal! Income nor expenditures left after paying taxes and non-tax payments to the of! Ratio of current prices to constant prices, we are creating a of. Percent since the base year reflect the report also suggests that investors consider positioning their for!, 5 the best measure of how much of the following are included in current GDP it... Investors consider positioning their portfolios for a potential downturn would you find the real GDP of above... Their portfolios for a potential downturn measured by gross domestic product measures which of the following is?. C. it was unchanged this transaction included always greater than real GDP measures output! Or returns on any investment of 50 million because these other values can not actually be.... Greater than real GDP '', `` Human Development Index '', `` Happy Planet Index '' the! Spending on domestic goods is measured in well-being and describe what it includes since has... Have increased, while an increase in real GDP definitely means output increased the rate... Nominal GDP and U.S. GNP are related as follows: b. only output... Gambling is never included in GDP amount of out, Posted a.! Gdp growth of life for the people experiencing such growth assumption that producers make no profits it follows c.! Following statements is correct, real GDP is the d. in gross domestic product measures neither income nor expenditures German GDP nor U.S. GDP and U.S. are!

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