If a meat shop owner sells meat to a restaurant and, in the evening, visits the same restaurant to enjoy some barbeque, then the amount paid by the meat shop owner to the restaurant will be counted twice in the GDP

The GDP of Country X in a particular year was $820,000. If the value added by U.S

workers in the production of various goods and services in Country X during that year was worth $150,000 and the value added by the workers of Country X in the production of various goods and services in other countries during that year was worth $130,000, the GNP of Country X during that year was ________. A) $1,140,000 B) $135,000 C) $8,235,000 D) $800,000

Both adaptive expectations and rational expectations are prone to error (a discrepancy between the expectation and the actual experience). In each case, how does error affect the formation of new expectations?

What will be an ideal response?