Explain with your own words the definition of Gross Domestic Product. 2. How does the growth rate of real GDP contribute to an improved standard of living? 3. Use the following data to answer the question. The table lists some macroeconomic data for the United States in 2008. Item                                                    Billions of dollars Wages paid to labor                   8,000 Consumption expenditure    10,000 Net operating surplus               3,200 Investment                                       2,000 Government expenditure        2,800 Net exports                                    –700 Depreciation                                   1,800

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