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7. Consider the following Definition of GDP and put each part in your own words: . GDP is a measure of total production . It

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7. Consider the following Definition of GDP and put each part in your own words: . GDP is a measure of total production . It is the market value Of final goods and services That are newly produced Within a country's borders over a period of time. 8. What is the difference between real and nominal GDP? Why is this important

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