
To state: The meaning of double counting and the way by which economists avoid double counting in calculating

Explanation of Solution
An illogical error which happens due to some illogical calculation is termed as double counting. In case of calculating GDP, double counting is that practice where the value of goods of a nation is counted more than once by fault.
Economists should add only the final value of the goods and services while measuring the performance of an economy to avoid double counting.
Introduction:
Gross domestic product- The value of gross domestic product tells the amount of goods and services that are available within the borders of a country. The importance of GDP is that give information about the size of economy and the performance of economy.
Chapter 13 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Fundamentals of Cost Accounting
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Operations Management
Financial Accounting (12th Edition) (What's New in Accounting)
Business Essentials (12th Edition) (What's New in Intro to Business)
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