2. The government purchases component of GDP does not include spending on transfer payments such as Social

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2. The “government purchases” component of GDP does not include spending on transfer payments such as Social Security. Thinking about the definition of GDP, explain why transfer payments are excluded.

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Principles Of Macroeconomics

ISBN: 9780324171891

3rd Edition

Authors: N. Gregory Mankiw

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Question Posted: Sep 27, 2024 07:01 AM

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2. The government purchases component of GDP does not include spending on transfer payments such as Social Security. Thinking about the definition of GDP, explain why transfer payments are excluded.
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2. The government purchases component of GDP does not include spending on transfer payments such as Social

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Principles Of Macroeconomics

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