Economics (McConnell), AP* Edition, 20th EditionChapter 25:
Measuring Domestic Output and National Income After studying this chapter, you should be able to: LO 25.1 | Explain how gross domestic product (GDP) is defined and measured. | LO 25.2 | Describe how expenditures on goods and services can be summed to determine GDP. | LO 25.3 | Explain how GDP can be determined by summing up all of the incomes that were derived from producing the economy's output of goods and services. | LO 25.4 | Describe the relationships among GDP, net domestic product, national income, personal income, and disposable income. | LO 25.5 | Discuss the nature and function of a GDP price index, and describe the difference between nominal GDP and real GDP. | LO 25.6 | List and explain some limitations of the GDP measure. |
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