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1. in no more than five(5) lines of typed text below this question, explain why REAL...

1. in no more than five(5) lines of typed text below this question, explain why REAL GDP is used as a measure of economic growth. keep in mind the formula used to calculate REAL GDP.

2. in no more than five(5) lines of typed text below this question, explain why only the market values of FINAL or FINISHED goods and services are used in the measurement/calculation of an economy's GDP.

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Answer #1

It shows the amounts of goods and services produced by economy. Greater the amount greater the consumption and thus welfare according to its proponents. Further it is quite easy to measure and compare real GDP of countries.

It is quite simple. Only value of final goods and services is included in GDP because if we include the value of intermediate goods also then the problem of double counting arises. Same good is included once as intermediary good and once as final good whileas in second step only some value was in reality added to it. This overstates gdp

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