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  3. 1) explain why an economy’s income must equ

1) Explain why an economy’s income must equal its expenditure. 2) List the four components of...

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Economics

1) Explain why an economy’s income must equal its expenditure.2) List the four components of GDP. Give an example of each. 3) Whydo economists use real GDP rather than nominal GDP to gaugeeconomic well-being? 4) Explain the GDP deflator, its calculation,and its meaning. 5) Explain the inflation implication when we useGDP deflator to calculate

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1 Income of an economy should be equal to the expenditure because every good or service is sold in the market is also bought by someone This name the person who is buying it would be spending his income and the person    See Answer
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