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1) U.S. real GDP is substantially higher today than
it was 60 years ago. What does this tell us, and what does it not tell us,
about the well being of U.S. residents? What are the limitations of the GDP as
a measure of economic well being? Given the limitations, why is GDP usually
regarded as the best single measure of a society’s economic well being?

2) What is an intermediate good? How does an
intermediate good differ from a final good? Explain why it is the case that the
value of intermediate goods produced and sold during the year is not included
directly as part of GDP, but the value of intermediate goods produced and not
sold is included directly as part of GDP.

3) GDP is defined as the market value of all final
goods and services produced within a country in a given period of time. In
spite of this definition, some production is left out of GDP. Explain why some
final goods and services are not included.

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