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13. What are the major costs and benefits for an economy if it experiences high GDP growth rates? (3 marks) 1 14. Real GDP per

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13. What are the major costs and benefits for an economy if it experiences high GDP growth rates? (3 marks) 1 14. Real GDP per capita is normally used for measuring changes in standards of living. What factors could cause errors in calculating this measure in Australia? (3 marks) 15. In making international comparisons in standards of living, are purely monetary/income measures sufficient? Comment

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