Chapter12: Business Cycles And Unemployment
Section: Chapter Questions
Problem 11SQP
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Question
What is the GDP gap
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The Gross Domestic Product or the GDP is the summation of money value of all the final goods and services produced within the political boundary of an economy in a financial year. The money value of the final goods are only used for the calculation of the GDP. The sale of the second-hand goods in the economy, sale of the inventory are not included in the calculation of the GDP in the economy.
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