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Question a) Let's assume the real GDP of country Z is increasing. James concludes that now the citizens of country Z can enjoy more goods

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a) Let's assume the real GDP of country Z is increasing. James concludes that now the citizens of

country Z can enjoy more goods and services. Why might his conclusion be wrong? Discuss in

detail.

b) The GDP of country A is higher than GDP of country B. Floyd concludes that the total income

of the citizens of country A must be greater than country B. Why might his conclusion be wrong?

When might his conclusion be correct?

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