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1) Define Gross Domestic Product (GDP) and discuss how it is used as a measure of living standard and the limitations of its us. 2)what
1) Define Gross Domestic Product (GDP) and discuss how it is used as a measure of living standard and the limitations of its us. 2)what other indicators (list at least 3) can be used to supplement GDP as a measure of welfare? 3) What is the difference between a final good and an intermediate good?
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