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Chapter 6: Q 11. (page 160)

What are the main components of measuring GDP

with what is demanded?

Short Answer

Expert verified

Personal consumption expenditures, investment, net exports, government expenditure

Step by step solution

01

Step 1. GDP

Gross domestic product is the value of final goods and services produced in a region in a given period.


02

Step 2. Explanation

Gross domestic product can be measured either by the sum of what is bought into the economy using the expenditure approach or by the income earned over what is produced using the income approach. Personal consumption expenditures, investment, net exports, government expenditure are the main components of measuring GDP with what is demanded.

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Most popular questions from this chapter

Without looking at Table 6.7, return to Figure 6.10. If we define a recession as a significant decline in national

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Fig. 6.10

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