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measuring GDP?
GDP only includes final goods, in order to avoid double counting.
Using the expenditure approach, this transaction would be recorded as
A 1000000 increase in net exports.
Using the income approach, this transaction would be recorded as
1000000 paid to domestic factors of production.
Using the product approach, this transaction would be recorded as
A 100000000 increases in production of capital goods.
The two major reasons for the tremendous..
Population growth and increased productivity.
Real GDP
And nominal GDP are equal in the base year because
Large calculation increases in the quantity of output.
Marvins metal company..
Intermediate goods.