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(1) Write a short paragraph of no more than 300 words explaining the following: i. How is economic activity usually measured? ii. What adjustments

(1) Write a short paragraph of no more than 300 words explaining the following: i. How is economic activity usually measured? ii. What adjustments do economists usually make to these measures? iii. How does each adjustment make the measures more comparable over time or across different regions? iv. Outline some shortcomings with these measures and adjustments. [5 marks]

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