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Gross Domestic Product As Measure Of Economic Well-Being

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"How is Gross Domestic Product - GDP calculated using the expenditure and the income approach? What are some shortcomings of GDP as a measure of economic well-being? What is the LATEST data for REAL GDP from quarter 2/2009?"

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Solution Summary

The solution calculates gross domestic product calculations. The latest data for real GDP from quarter 2/2009 is determined.

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GDP is measured using the expenditure approach by adding up all spending:
Consumption (spending on items such as food and clothing)
+ investment (spending on houses, factories, and so on)
= ...

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