Intermediate Macroeconomics

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II. Short Answer Answers should be clear, concise, complete, and grammatical. If you draw a graph be sure it is clearly labeled. (15 points each) 1. What is the difference between a measure of welfare and a measure of output? Discuss at least two ways in which real GDP fails as a measure of welfare. Given these problems are there any reasons for retaining GDP as the preferred measure of an economy's performance? this is brought about in the loanable