This podcast is a little more straighthistory than the others we will listen,so there is less obvious discussionquestions. But first, what about thehistory and evolution of GDP did youfind most interesting or surprising inthis Podcast.Here is the list of countries by GDPper capita and World HappinessReport rankings.Toward the end of the podcast theytalk about how GDP has become ameasure of quality of life, and maybethat is incorrect. Take a look at theserankings and decide for yourself ifGDP is a good proxy for quality of life.What does GDP per capita leave outmaking it, perhaps, not a great proxyfor quality of life.GDP per capita & WHR rankings

GDP per capita talks about standard of living but how this income is distributed is silent . It is…

Toward the end of the podcast they talk about how GDP has become a measure of quality of life, and maybe that is incorrect. Take a look at these rankings and decide for yourself if GDP is a good proxy for quality of life. What does GDP per capita leave out making it, perhaps, not a great proxy for quality of life. GDP per capita & WHR rankings

Toward the end of the podcast they talk about how GDP has become a measure of quality of life, and maybe that is incorrect. Take a look at these rankings and decide for yourself if GDP is a good proxy for quality of life. What does GDP per capita leave out making it, perhaps, not a great proxy for quality of life. GDP per capita & WHR rankings

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 1P

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Similar questions

What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 20082009 recession? (This requires a judgment call.)
As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?
What counts as GDP (II)? By how much does GDP rise in each of the fol-lowing scenarios? Explain. (a) A computer company buys parts from a local distributor for $1 million,assembles the parts, and sells the resulting computers for $2 million.(b) A real estate agent sells a house for $200,000 that the previous ownershad bought 10 years earlier for $100,000. Te agent earns a commissionof $6,000.(c) During a recession, the government raises unemployment benefts by$100 million.(d) A new U.S. airline purchases and imports $50 million worth of airplanesfrom the European company Airbus.
Suppose that there are two individuals in an economy, Person 1 and Person 2. Person 1 buys asecond-hand car from Person 2 for $12,000.10. What is the change in GDP according to the Income Approach here? What is the changeof each person’s contribution to GDP according to the Income Approach? Suppose now instead that an individual was buying $400 of wine from a domestic producer ofwine. Now suppose that this individual decides to import $400 of wine instead.11. What is the change of Consumption (C), Investment (I), Government Spending (G), NetExports (NX), and GDP as calculated by the Expenditure Approach in this example?Finally, now consider the following table:Government Purchases of Goods andServices$58.5Indirect Taxes Less Subsidies $29Personal Income Taxes $41.5Wages and Compensation $165.5Interest on Public Debt $15.5Consumption Expenditure $168.4Exports $90.9Depreciation $33.5Imports $93.3Gross Investment $67.2Net Interest Income $19.0Business Profits Before Taxes $45.512. What is…
This is not writing assignment, But its a homework given by my school. Pls answer all parts of this question in simple words. a.) How will COVID impact China’s GDP and consumption? b.) How did COVID affect manufacturing production, especially in China? c.) How would this affect the global economy and balance of trade?
Using the expenditure approach to the measurement of GDP. For each of the following situations, decide if that transaction will be included in a country’s 2021 GDP calculation(Hint: If it is to be included, state which expenditure category will it be included under;and if not to be included give a reason why not)Q.2.1.1 Household spends R2 500 on food supplies in 2019. Q.2.1.2 Household spends R5 700 on a brand new television set . Q.2.1.3 The country’s government pays out a disability grant (transfer) toan individual
using the table below giving the quantity and price of goods producedin an economy in two periods in suitable units, assuming that there are only three goodsproduced in the economy. Consider the economy described above a) What is nominal GDP in 2003 and in 2004? By what percentage does nominalGDP change from 2003 to 2004?b) Using the prices for 2003 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?c) Using the prices for 2004 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?d) Why are the two output growth rates constructed in (b) and (c) different? Whichone is correct? Explain your answer.
1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500Consumption Expenditures $30,000Government Expenditures $15,000Imports $18,000Exports $20,000Property Taxes $16,000Sales Taxes $9,715Retained earnings $1,310Personal Income Taxes $2,200Private Investment Expenditures $14,000Interest Income $1,940Pay Roll taxes $1,000Transfer Payments $800 Depreciation $1,200Net Income Made Abroad by Americans $160Indirect Business taxes $2,000Corporate Income Taxes $300 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 240 million people out which 70 million are under the age of 16, 30 million don't want to work and 10 million are looking for work. 3. Calculate the inflation rate from 2019-2020 if the index number in 2019 was 115 and the index number in 2020 was 119.
How did government purchases and real GDP co-move during and afterthe Great Recession?
Suppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967