Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 19, Problem 20CTQ
U.S.
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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? Suppose GDP was modified to include the value - positive or negative - of changes in environmental quality. How could this be done accurately?
This podcast is a little more straight
history than the others we will listen,
so there is less obvious discussion
questions. But first, what about the
history and evolution of GDP did you
find most interesting or surprising in
this Podcast.
Here is the list of countries by GDP
per capita and World Happiness
Report 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
How useful is GDP as a measure for countries' well-being and why? What other
measures could be included in comparing well-being across countries? If you were to
design an index to measure well-being in a country, what factors would you include
in the index?
Chapter 19 Solutions
Principles of Economics 2e
Ch. 19 - Country A has export sales of 20 billion,...Ch. 19 - Which of the following are included in GDP, and...Ch. 19 - Using data from Table 19.5 how much of the nominal...Ch. 19 - Without looking at Table 19.7, return to Figure...Ch. 19 - According to Table 19.7, how often have recessions...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - Is it possible for GDP to rise while at the same...Ch. 19 - The Central African Republic has a GDP of...Ch. 19 - Explain briefly whether each of the following...
Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - Would you usually expect GDP as measured by what...Ch. 19 - Why must you avoid double counting when measuring...Ch. 19 - What is the difference between a series of...Ch. 19 - How do you convert a series of nominal economic...Ch. 19 - What are typical GDP patterns for a high-income...Ch. 19 - What are the two main difficulties that arise in...Ch. 19 - List some of the reasons why economists should not...Ch. 19 - U.S. macroeconomic data are among the best in the...Ch. 19 - What does GDP not tell us about the economy?Ch. 19 - Should people typically pay more attention to...Ch. 19 - Why do you suppose that U.S. GDP is so much higher...Ch. 19 - Why do you think that GDP does not grow at a...Ch. 19 - Cross country comparisons of GDP per capita...Ch. 19 - Why might per capita GDP be only an imperfect...Ch. 19 - How might you measure a green GDP?Ch. 19 - Last year, a small nation with abundant forests...Ch. 19 - The prime interest rate is the rate that banks...Ch. 19 - A mortgage 105m is a loan that a person makes to...Ch. 19 - Ethiopia has a GDP of 8 billion (measured in U.S....Ch. 19 - In 1980, Denmark had a GDP of 70 billion (measured...Ch. 19 - The Czech Republic has 3 GDP of 1,800 billion...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Why might even real GDP be a misleading index of changes in output between 1950 and 2015 in the United States?arrow_forwardWhat is macro-economics and is it important in the economy of a country?arrow_forwardWhy do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?arrow_forward
- Please help me understand, How can a country increase its GDP?arrow_forwardWhy is GDP (whether nominal or real) almost certainly an incomplete picture of how well an economy is performing?arrow_forwardI am confused. Help me What can we predict about the economy of the US for the next 10 years. Will it be one of the largest economy in the world or not.arrow_forward
- Why is the GDP important?arrow_forwardBased on the graph, how many recessions has France economy undergone over the years plotted in the chart? Remember shaded areas shows recession. What are the two biggest recessions in terms of length and magnitude? 2020 is not included.arrow_forwardFor each of the following say where they will show up in GDP calculations (i.e. under C, I, G, Exports, Imports) and explain why. If they do notshow up anywhere, say so and explain why. a. Ford Motor Companybuilds a new factory in Detroit, Michigan.arrow_forward
- When thinking about the GDP on a global basis, two concerns become immediately obvious. When comparing GDPs, is it possible to take these things into account, and if so, what precisely are they?arrow_forwardIn your opinion, which economic indicator, nominal GDP, real GDP, or inflation, do you believe provides the best picture of the state of the economy? Why?arrow_forwardWhat is economic GDP?arrow_forward
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