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1. Income in an economy equal to expenditures of $7,000 billion must be exactly $7,000 billion.
2. National income accounting provides a set of rules and definitions for measuring economic activity in the aggregate economy.
3. Real gross domestic product is best defined as the market value of all final goods and services produced in an economy stated in the prices of a given year.
1. Income in an economy equal to expenditures of $7,000 billion must be exactly $7,000 billion.
2. National income accounting provides a set of rules and definitions for measuring economic a…