What are the main components of measuring GDP with what is demanded?
What are the main components of measuring GDP with what is produced?
Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
Why must double counting be avoided when measuring GDP?
What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?
How do you convert a series of nominal economic data over time to real terms?
What are the typical patterns of GDP for a high-income economy like the United States in the long run and the short run?
Who is Friedrich von Hayek?
What are the two main difficulties that arise in comparing the GDP of different countries?
List some of the reasons why GDP should not be considered an effective measure of the standard of living in a country.