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1. What is the process used to separate the change in GDP due to an increased output of goods and services, from a change due to increased prices? Why do we make this distinction?
ii) GDP is considered a good measure of economic wellbeing. However, GDP is not a perfect measure of wellbeing. Why? Discuss three factors that are not included in GDP but that affect whether people are better off.
iii) Explain the meaning of the term productivity and explain two factors that can influence the level of productivity.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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