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1) Discuss the circular flow of income in four sector economy. 2) Discuss the expenditure method of measuring national income. 3) What is the difference

1) Discuss the circular flow of income in four sector economy.

2) Discuss the expenditure method of measuring national income.

3) What is the difference between GDP and GNP? Is one a better measure of income/output than the other? Why?

4) Explain what happens to consumption, investment, and the interest rate when the government increases taxes.

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