Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 13.1, Problem 4R
To determine
To state: The meaning of double counting and the way by which economists avoid double counting in calculating
Expert Solution & Answer
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.
Economics Concept Introduction
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
Ch. 13.1 - Prob. 1RCh. 13.1 - Prob. 2RCh. 13.1 - Prob. 3RCh. 13.1 - Prob. 4RCh. 13.1 - Prob. 5RCh. 13.2 - Prob. 1RCh. 13.2 - Prob. 2RCh. 13.2 - Prob. 3RCh. 13.2 - Prob. 4RCh. 13.3 - Prob. 1R
Ch. 13.3 - Prob. 2RCh. 13.3 - Prob. 3RCh. 13.3 - Prob. 4RCh. 13.4 - Prob. 1RCh. 13.4 - Prob. 2RCh. 13.4 - Prob. 3RCh. 13.4 - Prob. 4RCh. 13.5 - Prob. 1RCh. 13.5 - Prob. 2RCh. 13.5 - Prob. 3RCh. 13.5 - Prob. 4RCh. 13.5 - Prob. 5RCh. 13 - Prob. 1AACh. 13 - Prob. 2AACh. 13 - Prob. 3AACh. 13 - Prob. 4AACh. 13 - Prob. 5AACh. 13 - Prob. 6AACh. 13 - Prob. 7AACh. 13 - Prob. 8AACh. 13 - Prob. 9AACh. 13 - Prob. 10AACh. 13 - Prob. 11AACh. 13 - Prob. 12AACh. 13 - Prob. 13AACh. 13 - Prob. 14AACh. 13 - Prob. 15AACh. 13 - Prob. 16AACh. 13 - Prob. 17AACh. 13 - Prob. 18AACh. 13 - Prob. 19AACh. 13 - Prob. 20AACh. 13 - Prob. 21AACh. 13 - Prob. 22AACh. 13 - Prob. 23AA
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