GDP can be measured in three different ways, all of which generate the same value.

1. What insights are gained by measuring GDP using the expenditures (value added) approach that cannot be gained by using the value added (expenditures) approach?
2. In general, for a good or service to be in GDP it has to have a market price.Some goods, such as those provided by Facebook, are free, that is, there is no price.Yet, there is an exchange of Facebook's services for information about your tastes, preferences and habits.Can this exchange be valued? If so, could (should) these services be included in GDP?Explain.
3. The Coronavirus pandemic has been good for some industries and bad for others.Provide examples of each and explain.How will this affect GDP?
4. Define GNI.Explain why it is a better measure of Irish Income than is GDP.How does using this measure affect Ireland's international wellbeing rankings?Explain.