Principles of Macroeconomics Study Set 14
Quiz 6: Measuring the Production, Income, and Spending of Nations
If You Own and Operate an Antique Store, This Does
If you own and operate an antique store, this does not count in GDP because you are buying and selling used goods.
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You buy a new bed that was produced last year. GDP will increase this year by the value of the bed because the bed was sold this year.
It is easier to measure GDP in a centrally planned economy than in a market economy.
One trillion is equal to 1 million millions, or 1,000,000,000,000.
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