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Which of the following is included in GDP?
Causality
The relationship between cause and effect, where one event (the cause) leads to the occurrence of another event (the effect).
Econometrics
The application of statistical methods to economic data to give empirical content to economic relationships.
Empirical Economics
An approach to economics that relies on real-world data and statistical analysis to validate or disprove theories and models.
Normative Statement
An assertion that expresses a judgment about what ought to be, based on values or opinions rather than facts.
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