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Unformatted text preview: What are net exports? What is value added? What are the different types of income that we measure? What is value added? Limitations of the GDP measure Real vs. nominal GDP How do we calculate the unemployment rate? 2 What does the labor force participation rate measure? How do we calculate the inflation rate? What is the GDP deflator? How is it calculated? What is the difference between a real variable and a nominal variable? Why are most macroeconomic variables measured in real terms? How can you convert your nominal income in a given year to real income? Why would you want to do this? Why would it be valid to say that sometimes the official inflation rate will overstate inflation from your point of view?...
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