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Chapter 6: Q 13. (page 160)

Would you usually expect GDP as measured by

what is demanded to be greater than GDP measured by

what is supplied, or the reverse?

Short Answer

Expert verified

It would be the same.

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.

Whether GDP is measured by demand or by supply, it should be the same. This is because of every market requires buyers and sellers.

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