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Suppose one study uses data on prices and cigarette smoking behavior to estimate the overall effect of cigarette-price changes on smoking,while another uses the same data to decompose the effect into income and substitution effects.The first study provides _________ estimates; the second provides __________ estimates.
World's Income
The total income generated by all individuals and entities across the globe, often used in comparisons of wealth and economic performance between countries.
Real Outputs
Refers to the actual goods and services produced by an economy, as measured without inflation.
Absolute Income Gap
The absolute difference in income levels between individuals, groups, or countries.
Per Capita Incomes
An average amount of money earned per person in a certain area, calculated by dividing the total income of a region by its population.
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