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1. Define GDP, Real GDP, and NDP 2. Explain the effect of change in labor productivity and change in the exchange rate on the
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1) Gross Domestic Product (GDP) is the monetary value of all final goods and services produced in an economy during a specific period. GDP measures only the final value of goods and services produced within the territorial boundaries of the country. Real GDP is the inflation adjusted value of GDP. It is GDP expressed at constant prices. Net Domestic Product (NDP) is the difference between GDP and depreciation on capital goods. It is the net value of final goods and services produced within the domestic territory of the country. It excludes depreciation on capital goods.

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