Please help with this economics problem! Thanks in advance!
Homework Answers
a)
Answer: False statement
GDP -Deflator and CPI do not produce the similar results or similar inflation. GDP deflator contains the all items produced in economy while the CPI covers only few items that are consumed by the consumers, Thus, results of these measures would not be same.
b)
Answer: False statement.
Only GDP does not decide the level of welfare in country. composition of production also decides the level of welfare in economy,
c)
Answer: True statement.
Country is living beyond its means, thus it must be importing from the rest of the world. Here trade deficit will arise.
d)
Answer: False statement.
Selling old items or capital would not affect the GDP level in economy Such transactions are not included in GDP.
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Please help with this economics problem! Thanks in advance!
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