lecture7_MeasuringGDP.pdf

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Final Test – multiple choice

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„Microeconomics 6e” Prentice Hall Publishing

House, June 2004 ISBN: 0-13-191207-0

Czarny B. „Podstawy Ekonomii”

Begg D., „Economics”

http://www.ioz.pwr.wroc.pl/Pracownicy/Chodak/

http://windward.hawaii.edu/facstaff/briggs-

p/Macroeconomics/macrolectures.htm

www.wikipedia.org

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

When

judging whether the economy is

doing well or poorly, it is natural to look

at the total income that everyone in the

economy is earning.



To have this number make sense, it is

also best to look at income per person.

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For an economy as a whole,

income must equal

expenditure

because:



Every

transaction has a buyer and a seller.



Every dollar of spending by some buyer is a dollar

of income for some seller.



Say’s

Law-Supply creates it’s own demand



This process can be seen using a Circular Flow Diagram.