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econ ch13,14 review - Kevin Lee Period 6 Chapter 13 and 14...

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Kevin Lee Period 6 Chapter 13 and 14 Review Worksheet Chapter 13 1. What is GDP? GDP is the dollar amount of all final good and services produced within a country's national borders in a year 2. How is GDP computed? Multiply all of the final good and services produced in a 12-month period by their prices, and then add them up to get the total dollar value of production 3. Which things are excluded in calculating GDP? Intermediate products, secondhand sales, and nonmarket transactions are excluded in calculating GDP 4. What is GNP? It is the dollar value of all final goods, services and structures produced in one year with labor and property supplied by a country's residents 5. What are the other measures involved in GNP? It measures the income of all Americans, whether the goods and services are produced in the US or in other countries. 6. What is a price index? What is a market basket? Price index is a statistical series that can be used to measure changes in prices over time and the market basket is a representative selection of commonly purchased goods and services.
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