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False— GDP includes production by foreign firms in the US and excludes production carried out by US firms outside the US
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- The computation of the average annual growth rate of real GDPA.involves simply averaging the growth rate for each year, but only if data for many years are available.B.is more complex when examining data for a long period of time than when examining data for only a few years.C.is the same for shorter periods of time as for longer periods of time.D.involves computing the percentage change in real GDP between the first year and the last year for the period being examined.
- What key spending component is a chief determinant of economic growth?
- total change in gdp= multiplier X initial change in spending