GDP gap
"The economic cost of unemployment is measured by the GDP gap." Explain this statement. ?
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The GDP gap refers to the gap between current GDP and the GDP that corresponds to full employment level. The latter is also called the ‘potential GDP’. When there is unemployment the economy is unable to produce at potential level and the shortfall is the cost that the economy pays in economic terms. This is the cost in economic terms as it is the ’economy’s’ loss. There are other costs of unemployment, but they are personal and restricted to the unemployed person and his family.
From the heterodox approach, what options does the enterprise have to produce more output? What impact do these options have on its cost structure?
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DISCUSS the experience of high GNP countries and low GNP with regard to PQLI.
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how to calculate national income under value added method
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