Write a paragraph or two explaining how economists measure the U.S. economy. Use all of

Chapter 13, Problem 1

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QUESTION:

Write a paragraph or two explaining how economists measure the U.S. economy. Use all of the following terms. national income accounting gross domestic product (GDP) net domestic product inflation real GDPconsumer price index producer price index GDP price deflator aggregate demand aggregate supplynational income accounting gross domestic product (GDP) net domestic product inflation real GDPconsumer price index producer price index GDP price deflator aggregate demand aggregate supply

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QUESTION:

Write a paragraph or two explaining how economists measure the U.S. economy. Use all of the following terms. national income accounting gross domestic product (GDP) net domestic product inflation real GDPconsumer price index producer price index GDP price deflator aggregate demand aggregate supplynational income accounting gross domestic product (GDP) net domestic product inflation real GDPconsumer price index producer price index GDP price deflator aggregate demand aggregate supply

ANSWER:

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Economists use national income accounting to determine the economy's efficiency. This approach assists in the estimation of overall production and the calculation of an economy's overall performance when dealing with total output and profits. National income accounting is beneficial to policymakers since it provides an overview of economic and social trends. Gross domestic product, net domestic product, personal income, and disposable personal income are some of the main figures used to calculate the economy.

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