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Gregory Mankiw, Macroeconomics (10th)
Chapter 2: Problems and Applications #10,11

10. In a speech that Senator Robert Kennedy gave when he was running for president in 1968, he said the following about GDP: [It] does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except hy we are proud that we are Americans.
Was Robert Kennedy right? If so, why do we care about GDP? 11. Consider whether each of the following events is likely to increase or decrease real GDP. In se, do you think the we average person in society most likely changes in the same direction as real GDP? Why or why not? a. A hurricane in Florida forces Disney World to shut down for a month. b. The discovery of a new, easy-to-grow strain c. Increased hostility between unions and d. Firms throughout the economy experience e. Congress passes new environmental laws of wheat increases farm harvests. management sparks a rash of strikes. falling demand, causing them to lay off workers. that prohibit firms from using production pollution. to take jobs mowing lawns. workweeks to spend more time with their methods tht emt large quantities of f. More high school students drop out of school g. Fathers around the country reduce their children.
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