Answer the following questions: in 2-3 pages
- Define GDP and discuss how it is measured. Compare and contrast the expenditure versus income approach.
- What are some of the drawbacks of using GDP to measure economic well-being?
- Explain the effect of a negative trade deficit (X-M) on GDP.
Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statement.