• The economic growth is recognized (measured) as an increase in real GDP. • Literacy rates, life expectancy, income per capita and inequality rates are the major variables of HDI.
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- Are rapid economic growth (as measured by either GNI or per capita GNI) and a more equal distribution of personal income necessarily conflicting objectives?Answer if TRUE OR FALSE: • The following are economic measures which measure people's well-being in a country: GDP, GNP and Human Development Index (HDI). • The economic growth is recognized (measured) as an increase in real GDP. • Literacy rates, life expectancy, income per capita and inequality rates are the major variables of HDI.Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?
- Explain in detail. Real GDP is a better measure of evaluating the economic growth of a nation than the nominal GDP.You have just conducted a growth accounting exercise for one Eastern European country. Your results show that during the period 2002-2007 the growth rate of per capita GDP was 5.9% where the contribution of capital was 4% and the contribution of workers was 1.4%. What was the contribution of TFP?If the real output of a DVC increases from $100 billion to $140 billion and its population increases from 200 to 220 million, its real per capita output will have increased by about $136. increased by about $40. decreased by about $20. remained unchanged.
- Assess one (1) problem associated with using gross domestic product as an indicator of economic growth.Calculate growth rate of real GDP in 2019 compared to 2009. Show calculations.Although economic growth is typically measured by calculating the rate of changein real GDP, there are a few problems associated with the use of GDP as ameasure of economic growth.Identify these problems.
- The GDP growth has been limited to 1% in the Ottoman economy in the period of 1820-1913. How can you explain this very poor GDP growth performance?Suppose the u.s. nominal GDP increases from one year to the next year. Can you conclude that these figures present a misleading measure of economic growth?"In 2022, India's GDP was $3, 386.4 billion whereas its GNP was $3, 370.15 billion". Why should India be cautious aboutusing Gross Domestic Product (GDP) as the primary measure of economic growth? A. GDP does not account for thevalue of services, only goods. B. GDP provides an accurate reflection of income inequality. C. GDP does not consider changes in a country's population. D. GDP is unaffected by changes in government policies.