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1. Digital Study Guide, written by William Walstad
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After reading this chapter, you should be able to:

1. Explain how gross domestic product (GDP) is defined and measured.
2. Describe the relationships among GDP, net domestic product, national income, personal income, and disposable income.
3. Discuss the nature and function of a GDP price index, and describe the difference between nominal GDP and real GDP.
4. List and explain some limitations of the GDP measure.