Lecture Macroeconomics (19/e) - Chapter 7: Measuring domestic output and national income

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Lecture Macroeconomics (19/e) - Chapter 7: Measuring domestic output and national income

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After reading this chapter, you should be able to: Explain how gross domestic product (GDP) is defined and measured; describe the relationships among GDP, net domestic product, national income, personal income, and disposable income; discuss the nature and function of a GDP price index, and describe the difference between nominal GDP and real GDP; list and explain some limitations of the GDP measure.

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