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A general principle of the system of national income and product accounts is that if something is included in GDP, then it is included in

A general principle of the system of national income and product accounts is that if something is included in GDP, then it is included in expenditures and it is included in gross national income.

  1. Explain how this is applied to owner occupied housing. (20 pts)
  2. Explain how this is applied to investments in intangible capital (other than software, and R&D, and education). (20 pts)

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