Need asap please... If the U.S. government wanted to, it could just say that everyone who is unemployed is “employed in the job search” and receiving a paycheck for this “work,” and the government could claim that these government employees are producing “job search services.” Recall that in the official definition of GDP, government purchases(G), do not include transfer payments like unemployment checks and Social Security. -- Would this change in the definition of GDP increase GDP? Would it improve well-being?

Need asap please... If the U.S. government wanted to, it could just say that everyone who is unemployed is “employed in the job search” and receiving a paycheck for this “work,” and the government could claim that these government employees are producing “job search services.” Recall that in the official definition of GDP, government purchases(G), do not include transfer payments like unemployment checks and Social Security. -- Would this change in the definition of GDP increase GDP? Would it improve well-being?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 8E

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During this time of COVID, many of us have enjoyed 'stimulus' payments from the US Treasury for amounts like $600 or $1200. In fact, every month I am getting a child tax credit in the amount of $700 (yes, I have a lot of kids!). How are these stimulus payments appearing in the GDP (if at all)? What specific component of GDP? What is the reason for these payments?
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Suppose an economy has two years worth of data, years 1 and 2. Sup- pose there are also two goods, bread and corn. Suppose in year one fifty units of corn are sold at a price of 1 $ and 20 units of bread are sold at a price of 2 $. Suppose in year two, 60 units of corn are sold at a price of 1.5 $ and 80 units of bread are sold at a price of 2.05 $. Compute nominal GDP in both periods. Compute real GDP under both definitions of a base year. Compute also a chain weighted real GDP series. For all three measures, compute the GDP deflator. In addition, compute a CPI’s for each base year assuming total consump- tion in the base year forms the basket of goods for measurement. What are the implications for these measures for the amount of inflation in this economy. [Note, you should have five candidate measures]. What about the amount of economic growth? Suppose that corn in year 2 is twice as valuable as corn in year 1 to consumers in terms of their enjoyment from its consumption (or in…
How does the figure arrived at in adding up the demand side components of GDP relate to the number arrived at by adding up all of the components of the supply side of GDP? Note: don't use chat gpt
Savings and wealth - Although the United States is one of the richest nations in the world, it is also one of the world's largest debtor nation. We often hear that the problem is our low savings rate. Suppose policy makers attempt to rectify this be encouraging greater savings in the economy. What could they do to make you save more? Would raising minimum wage help? What effects would their successful attempts have on GDP? Is this a good or bad idea? What can you do to increase your savings rate? Also, how is wealth related to savings?
Gross Domestic Product Explain how net exports affect the US economy. Describe both positive and negative impacts on GDP. Why do national income accountants use net exports to compute GDP, rather than simply adding exports to the other expenditure components of GDP? You have the following information on 3 countries: Soccerland, Handeggland, and Neverland How long will it take until Soccerland’s GDP increases by 75%? How long will it take until Soccerland and Handeggland have the same GDP? Soccerland’s population is not happy that, eventually, Handeggland is going to have higher GDP than their country. They feel that they are a much better country, so they are going to work harder to ensure that Handeggland will never catch up with Soccerland. If Soccerland’s new growth rate is constant every year, what is the minimum growth rate that ensures that Soccerland will always have a higher GDP than Handeggland? Neverland’s ambition is to host the World Cup. At the…
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