A friend of yours is reading a financial blog and comes to, Econometrics

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A friend of yours is reading a financial blog and comes to

1. Explain the relationship between output and income for both an individual and an entire economy.

2. A friend of yours is reading a financial blog and comes to you for some advice about GDP. She wants to know what "real" GDP is. How would you explain the concept to her?

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Econometrics: A friend of yours is reading a financial blog and comes to

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