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ECON 0110 (84)
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Problem Set 1.docx

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Department
Economics
Course
ECON 0110
Professor
K E N K E L
Semester
Spring

Description
ECON 1110 – Intermediate Macroeconomics Problem Set 1 Heidi Cousineau 1. GDP and GNP are both widely used measures of output. However, the difference between the two lies in the  measurement relating ownership and location of production. GDP (gross DOMESTIC product) measures final  goods and services within a country’s geographical boundaries, regardless of who owns in. It includes earnings  that accrue to foreign workers or firms. GNP (gross NATIONAL product) measures final goods and services of a  nation overall, regardless of geographical location. This measurement includes profits earned from overseas  enterprises and wages earned by citizens working in foreign nations.  2. GDP Deflator: calculates the value of what is actually produced given fixed base­year prices (holds prices  constant and allows quantities to change from year to year. CPI: measures price changes f
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