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1) The Gross Domestic Product can be measured using three statistical methods. Name all three: ________________________ Approach ________________________ Approach ________________________ Approach 2) Explain the difference
1)The Gross Domestic Product can be measured using three statistical methods. Name all three:
________________________ Approach
________________________ Approach
________________________ Approach
2)Explain the difference between Nominal GDP and Real GDP
3)Complete the equation below and explain each of the notations that you use:
AD =________________________________________________________
4)With the aid of a diagram briefly explain the concept of 'Business Cycle'.
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