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© 2011 Pearson Education. GDP: A Measure of Total Production and Income 20 When you have completed your study of this chapter, you will be able to 1 Define
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How do we track the booms and busts of the business cycle?
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How do we track the booms and busts of the business cycle? How do we measure a nation’s production and income? How do we determine when a recession begins?
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GDP and the Standard of Living
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