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1.How is gross domestic product (GDP) defined? How is GDP per capita calculated and why is...

1.How is gross domestic product (GDP) defined? How is GDP per capita calculated and why is it used as a common measure of economic well-being? Despite its wide-spread use there are some problems with GDP per capita as a measure of well-being.

2.Briefly explain the components used to calculate GDP (be explicit, don't just put the letter). Fully explain one method of measuring GDP (hint: use one of the components mentioned as an example)

3.What is full employment and how is it related to price stability?

How does this differ from the natural rate of unemployment ? (hint: the types of unemployment included to calculate this and it’s relation to price levels helps here.)

4. What is deflation and what are two potential negative macroeconomic consequence of deflation? How are average price levels calculated?

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1. Gross domestic product (GDP) is defined as the final value of all the goods and services that a nation produces within the

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