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5. Describe the expenditure approach to computing GDP. 6. Describe the income approach to computing GDP. 7. Give the difference between GDP and GNP. Under
5. Describe the expenditure approach to computing GDP. 6. Describe the income approach to computing GDP. 7. Give the difference between GDP and GNP. Under what circumstances would GDP be a better measure of total production and total income than GNP? 8. Discuss the limitations of the use of GDP as a measure of total production. 9. Discuss the limitations of the use of GDP as a measure of economic well-being
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