Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 5, Problem 5E
To determine
The reason for not measuring national output by counting the total services and goods produced each year.
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Describe and compare three methods of measuring a country’s GDP ?
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- List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.arrow_forwardA car that is produces in 2012 is not sold until 2013. According the definition of GDP, in which year's GDP should it counted?arrow_forwardWhat are the main components of measuring GDP with what is produced?arrow_forward
- U.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_forwardIf a surfboard is produced this year but not sold until next year, how is it counted in this year's GDP and not next years?arrow_forwardHow do statisticians measure GDP? What does GDP not tell us about the economy? Why do you suppose the GDP is much higher today than 50 to 100 years ago?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_forwardWhat would happen to measured GDP if more people started hiring workers to do house chores such as cooking and cleaning?arrow_forwardWhat 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_forward
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