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1) In class, we noted that the most commonly accepted measure of economic performance in...

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Accounting

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1) In class, we noted that the most commonly accepted measure of economic performance in the U.S. is GDP. What words do the initials GDP stand for? Just give me the three words, not a definition. 2) In class, we defined GDP as "Total Primary Income of all producers of goods and services". In turn, we defined Total Primary Income as: "Gross Domestic Output minus Intermediate Consumption". What is meant by the term, Domestic Output? That is, what is it that makes output Domestic? Answer briefly, but be clear about HOW Imports and Exports are treated in the determination of Domestic Output

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