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Determine the term- GDP per capita
GDP, being a flow, isn't a measure of the total wealth of a country though a measure of the "income" of country during a certain period of time. Sure, if GDP is high, it's quite likely that total wealth of the country is increasing over time (some wealth is lost to depreciation). So there is generally a connection between what we perceive as a "rich" country and a high GDP per capita.
Suppose the price elasticity of demand for used cars is estimated to be 3 what does this mean?
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#qDiscuss the functions of money Illustrate your answeruestion..
State the term- - GDP is a flow Lastly, note that GDP is a flow variable and not a stock variable. By a flow variable we mean a variable which is measured in something per uni
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