Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 5, Problem 10PA
To determine
The difference in
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Goods and services that are not sold in markets, such as food produced and consumed at home, are generally not included in GDP. How might this cause the numbers in the second column of Table 3 to be misleading in a comparison of the economic well-being of the United States and India? Explain.
Is GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a country's well-being? How should a country’s well-being be measured?
Consider the table of GDP and population for several imaginary countries.
GDP in millions of U.S. dollars
533.0
2275
Country
Wrigleyville
Longhornland
Dinkytown
$ 18.8
Using this information, please answer the questions. If there is not enough information to answer a question, please enter –11.
A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place.
Population in millions GDP per capita in U.S. dollars
113.0
121
173.00
276800
1.600
B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.
Incorrect
Chapter 5 Solutions
Brief Principles of Macroeconomics (MindTap Course List)
Ch. 5.1 - Prob. 1QQCh. 5.2 - Prob. 2QQCh. 5.3 - Prob. 3QQCh. 5.4 - Prob. 4QQCh. 5.5 - Prob. 5QQCh. 5 - Prob. 1CQQCh. 5 - Prob. 2CQQCh. 5 - Prob. 3CQQCh. 5 - Prob. 4CQQCh. 5 - Prob. 5CQQ
Ch. 5 - Prob. 6CQQCh. 5 - Prob. 1QRCh. 5 - Prob. 2QRCh. 5 - Prob. 3QRCh. 5 - Prob. 4QRCh. 5 - Prob. 5QRCh. 5 - Prob. 6QRCh. 5 - Prob. 7QRCh. 5 - Prob. 8QRCh. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 5PACh. 5 - Prob. 6PACh. 5 - Prob. 7PACh. 5 - Prob. 9PACh. 5 - Prob. 10PACh. 5 - Prob. 11PACh. 5 - Prob. 12PA
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- 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?arrow_forwardU.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?arrow_forwardWhen comparing the GDP of different countries, two issues immediately arise. What are these issues and how does one account for these while comparing the GDP for different countries?arrow_forward
- What is the difference between GDP and Gross National Product (GNP)? Why do economists look at per capita measures of GDP and GNP when making comparisons between nations?arrow_forwardWhy is it desirable for a country to have a large GDP?arrow_forward“The GDP of a country does provide an accurate indicator of the welfare of its citizens”arrow_forward
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