This is an individual assignment and we will discuss the assignment in detail in the class on week 7. We will discuss al

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This Is An Individual Assignment And We Will Discuss The Assignment In Detail In The Class On Week 7 We Will Discuss Al 1 (41.27 KiB) Viewed 8 times

This is an individual assignment and we will discuss the assignment in detail in the class on week 7. We will discuss all the questions related to this assignment. The purpose of this assignment is to cover important macroeconomic topics like Gross domestic product ( Answer the following questions: 1. What Is Gross Domestic Product (GDP)? Explain the difference between nominal GDP and real GDP? (2 points) 2. Why do national income accountants compare the market value of the total outputs in various years rat than actual physical volumes of production? What problem is posed by any comparison over time of the m values of various total outputs? How is this problem resolved? (20 points) 3. Which of the following goods are usually intermediate goods and which are usually final goods: running shoes; cotton fibers; watches; textbooks; coal; sunscreen lotion; lumber? (10 points)