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Eco 353 lecture 2_1 - Eco 353 Lecture 2 US Economic Growth...

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Eco 353: Lecture 2 US Economic Growth
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We are interested in the level of output and its rate of growth. Output can be measured as GNP, GDP, NNP and using other concepts.
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GDP is preferred because it measures the quantity of goods and services produced in a given land area in a given time period.
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GNP is the output produced by people and companies of a specific country in a specific time period.
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Neither GDP nor GNP per capita are a good measure of welfare!!!!!
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What Does GDP Cover? Gross domestic product Personal consumption expenditures Goods Services Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Federal National defense Nondefense State and local
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Real US GDP GDP in billions of chained 2005 dollars 1929 977.0 1930 892.8 1931 834.9 1932 725.8 1933 716.4 1934 794.4 1935 865.0 1936 977.9 1937 1,028.0 1938 992.6 1939 1,072.8 1940 1,166.9
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Real GDP US GDP in billions of chained 2005 dollars 1929 977.0 1940 1,166.9 1941 1,366.1 1942 1,618.2 1943 1,883.1 1944 2,035.2 1945 2,012.4 1946 1,792.2 1947 1,776.1 1948 1,854.2 1949 1,844.7 1950 2,006.0
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US GDP Year GDP in billions of chained 2005 dollars 1929 977.0 1940 1,166.9 1950 2,006.0 1951 2,161.1 1952 2,243.9 1953 2,347.2 1954 2,332.4 1955 2,500.3 1956 2,549.7 1957 2,601.1 1958 2,577.6 1959 2,762.5 1960 2,830.9
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US GDP Year
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