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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Why is it desirable for a country to have a large GDP? Give an example of something that would raise GDP and yet be undesirable.

To determine

Why it is desirable to have large GDP.

Explanation

The GDP is the summation of the money value of all the goods and services produced within the political boundary of a country within a financial year. Even though GDP is not an accurate measure to identify the economic well-being of an economy, the economists and the policy makers care about the GDP of the economy.

This is because the GDP of the economy determines the size of the expenditures that the government can afford to make the economic well-being of the society. When the GDP is higher, the government can afford to provide better health care, education and other material necessities of life in a better manner. This is why the economists and policy makers aim for higher level of GDP...

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