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Why must you avoid double counting when measuring GDP

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor ISBN: 9781947172364 471

Solution for problem 14 Chapter 19

Principles of Economics | 2nd Edition

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Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Economics | 2nd Edition

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Problem 14

Why must you avoid double counting when measuring GDP?

Step-by-Step Solution:
Step 1 of 3

August24,2016 Accounting211NotesChapter14 v Assets:somethingyoucontrolthathasaprobablefutureeconomicbenefit Ø CurrentAssets:recoursesexpectedtobeliquidatedwithinthecalendaror economicyear(whicheverislonger) Ø PlantAsset:recordedathistoriccost § NEVERchangesunlessthisassetispurchasesorsold v Liabilities:claimstoassets“paid”byconsumers Ø CurrentLiabilities:amountsduetobepaidtocreditorswithinthecalendaror economicyear(whicheverislonger) v Owner’sEquity:claimsagainstassetsbyowners v Revenues:anincreaseinassetsoradecreaseinliabilitiesthatoccurthroughproviding goodsandservices v Expenses:adecreaseinassetsoranincreasein

Step 2 of 3

Chapter 19, Problem 14 is Solved
Step 3 of 3

Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

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Why must you avoid double counting when measuring GDP