1. The US changed the way we measure our economy from the position of Gross National Product to Gross Domestic Product. Compare and contrast the 2 and, in your opinion, choose which one is better. (one page min)
2. Why do economists include only final goods and services in measuring GDP for a particular year? Why don’t they include the value of used goods, i.e. cars, furniture, etc., bought and sold? (one page min)
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Define net exports. Explain how US exports and imports each affect domestic production. How are net exports determined? Explain how net exports might be a negative amount. (one page min)