Question
GDP is used by economists to measure a nation's total production, so clearly they don't want the calculation of GDP to miss any significant amounts
GDP is used by economists to measure a nation's total production, so clearly they don't want the calculation of GDP to miss any significant amounts of production that take place.
- What are some production items that the typical measure of GDP might miss? Why?
- Should these missed items concern us, and, if so, what should we do about it?
- Scenario: You have a garden in your backyard/window flower box. Provide examples of when the items you grow should or should not be counted in the GDP calculation? Is it possible to have a situation where both occur (count and not be counted)?
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Missed Production in GDP Calculation Youre righteconomists strive for an accurate reflection of a nations economic activityHoweverthe current GDP calc...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
