The measure of the value of total final production in a country during a year is the gross domestic product. Discusses macroeconomic theory and presents the variables that determine the gross domestic product. Explain each variable. What are the two approaches used to measure gross domestic product? Explain each approach. To measure the economic development of a country it is necessary to evaluate the behavior of nominal GDP and real GDP. Using the macroeconomic theory presented in the module content, explain the difference between nominal GDP and real GDP.
The measure of the value of total final production in a country during a year is the
Discusses
What are the two approaches used to measure gross domestic product? Explain each approach.
To measure the economic development of a country it is necessary to evaluate the behavior of nominal GDP and real GDP. Using the macroeconomic theory presented in the module content, explain the difference between nominal GDP and real GDP.
How is it calculated and what is the importance of the GDP or GNP growth rate of Puerto Rico or any country? Explain.
What is the relationship between the GDP growth rate and the economic cycle? Explain.
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