1. In no more than five lines of typed text below this question, explain why real GDP is used as a measure of economic growth. Keep in mind the formula used to calculate real GDP.

2. In no more than five lines of typed text below this question, explain why only the market values of final or finalized goods and services are used in the measurement/calculation of an economy's GDP.

answer

watching

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Joshua StredderLv10

28 Sep 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

1. In no more than five lines of typed text below this question, describe where a price ceiling might lie graphically in relation to an equilibrium price and also describe the market impact or effects of that ceiling.

2. In no more than five lines of typed text below this question, describe where a price floor might lie graphically in relation to an equilibrium price and also describe the market impact or effects of that price floor.

fuchsiadog182

1. Some have suggested that at a 4.1% rate of unemployment, the U.S. economy is at "full employment". In no more than five lines of typed text below this question, describe and explain what this means. Be sure to provide a numerical analysis in your answer

2. Consider the facts in the question immediately above. Jim, a worker, in a hypothetical economy just received a 3.2% pay raise from his employer. In no more than five lines of typed text below this question, describe and fully explain the impact, if any, on Jim.