Myeconlab New Design With Pearson Etext For Principles Of Macroeconomics For Texas Tech University -- Standalone Access Card, 1/e
1st Edition
ISBN: 9781323487785
Author: Pearson Custom
Publisher: Pearson Education
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Question
Chapter 6, Problem 3.1P
To determine
The differences in GNP and real GNP.
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Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use it to measure economic progress for all of the below reasons EXCEPT for this one:
Group of answer choices
Joys of art and leisure, sorrows of environmental destruction and stress, and spiritual satisfaction, are subjective measures of human well-being and difficult to quantify or measure.
All else equal, it is better for a nation to produce more goods and services than fewer.
Quality of life factors such as healthcare, leisure, protection of the the environment, and stress, are not important, and therefore there is no need to develop a broader, more inclusive, measure of well-being than the GDP.
When GDP turns negative, the damage is real: jobs lost, businesses closed, productive capacity turned idle.
Which of the following is true about real and nominal GDP?
Only nominal GDP is measured in dollars, but only real GDP is adjusted for inflation.
Both are measured in dollars, but only nominal GDP is adjusted for inflation.
Both are measured in dollars, but only real GDP is adjusted for inflation.
Only nominal GDP is measured in dollars, and only nominal GDP is adjusted for inflation.
Explain concisely whether the following statement is true or false:“The GDP of a country does provide an accurate indicator of the welfare of its citizens
Chapter 6 Solutions
Myeconlab New Design With Pearson Etext For Principles Of Macroeconomics For Texas Tech University -- Standalone Access Card, 1/e
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- What is the difference between nominal GDP and real GDP? Nominal GDP measures actual productivity. Nominal GDP adjusts for inflation. Real GDP adjusts for inflation. Real GDP excludes imports and exports.arrow_forwardThe difference between nominal GDP and real GDP is that nominal GDP Group of answer choices measures the level of output and real GDP measures the price level. measures the price level and real GDP measures the level of output. measures the level of output in constant prices, while real GDP includes price changes. measures the level of output including price changes, while real GDP holds prices constant.arrow_forwardWhich of the following is true about the components of GDP? When we buy stocks, this is economic investment. Net exports must always be a negative number. Government purchases make up the largest part of GDP. A refrigerator is a durable consumption good.arrow_forward
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