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1. Fill in the blanks to make the following statements complete. a. If, when measuring Canada's national output, we add the market values of all
1. Fill in the blanks to make the following statements complete. a. If, when measuring Canada's national output, we add the market values of all firms' outputs in Canada, then we are committing the error of Such an amount would greatly the economy's actual output. b. Statisticians use the concept of to avoid double counting in measuring national income. Each firm's is the value of its output minus the costs of that it pur- chases from other firms. C. If we measure GDP from the expenditure side, we are adding four broad categories of expendi- ture: and As an equation it is written as GDP = d. If we measure GDP from the income side, we are adding three main components of factor incomes: and To these items we must add non-factor payments of and
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