Double counting counting a good more than once in

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Unformatted text preview: for countries. Exhibit 11-2 on the next page shows the GDP for certain countries and for the world in 2004. double counting Counting a good more than once in computing GDP. Section 1 National Income Accounting 289 11 (286-309) EMC Chap 11 Why do countries think it is important to keep track of their GDP? 11/17/05 EXH I BIT 6:05 PM Page 290 11-2 GDP in 2004, the the World and Selected Selected Countries Countries Country World Country or World World World United United States GDP G DP (in (in trillions of dollars) dollars) $55. $55.50 11.75 China China 7.26 7.26 Japan Japan 3.75 .75 India India 3.32 .32 Germany Germany 2.36 2.36 United Kingdom United Kingdom 1.78 1.78 France France 1.74 1.74 Italy Italy 1.61 1.61 Brazil Brazil 1.49 .49 Russia Russia 1.41 1.41 Canada Canada 1.02 .02 Mexico M e x i co 1.01 1.01 Source: CIA World Factbook, 2005. Does GDP Omit Anything? Some exchanges that take place in an economy are omitted from the GDP measurement. The following are not included when calculating GDP. Illegal Goods and Services For something to be included in the...
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This document was uploaded on 01/16/2014.

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