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(a) Define Gross Domestic Products. (b) How it is measured from the expenditures approach? (c) In what way is GDP useful? (d) List major shortcomings

(a) Define Gross Domestic Products.

(b) How it is measured from the expenditures approach?

(c) In what way is GDP useful?

(d) List major shortcomings of GDP as an index of social welfare.

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