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Q. 2 (i) What are the three approaches to measuring economic activity? Why do they are same.? (ii). Draw and explain circular flow of four

Q. 2 (i) What are the three approaches to measuring economic activity? Why do they are same.?

(ii). Draw and explain circular flow of four sector economy?

(iii). Define Real GDP and Nominal GDP? Which is the more important statistic for assessing an

economic growth and why?

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