Is it accurate to use changes in real GDP to measure changes in the welfare of a country’s population? Explain. 3 Marks
Is it accurate to use changes in real GDP to measure changes in the welfare of a country’s population? Explain. 3 Marks
Homework Answers
False
According to the definition of the GDP, it is the production of goods and services within the boundary of a country in a financial year.
Real GDP talks and consider with respect to a base year and in terms of inflation also
However, changes in real Gdp do not measure the welfare of a country population
The reason behind this is that it ignores many factors that actually tells about the welfare of the people living there
For example Standard of living, happiness index, GIni coefficient, etc which actually helps in telling about the real scenario of the people living there.
So it is not accurate measure
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Is it accurate to use changes in real GDP to measure changes in the welfare of a country’s population? Explain. 3 Marks
We were unable to transcribe this imageWhy is real GDP a more accurate measure of an...
We were unable to transcribe this imageWhy is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
a) Explain why the traditional fixed-weighted measure of real GDP is preferred to nominal GDP for...
a) Explain why the traditional fixed-weighted measure of real GDP is preferred to nominal GDP for assessing changes in an economy's production over time. b) Explain why a chain-weighted measure of real GDP is preferred to the traditional fixed-weighted measure of real GDP.
You should use real per-capita GDP instead of real GDP when: Question 4 options: Real GDP...
You should use real per-capita GDP instead of real GDP when: Question 4 options: Real GDP is very different between countries or over time. you want to measure changes or differences in the price level between countries or over time. population is very different between countries or over time. You want to measure changes (or differences) in the population between countries or over time.
Explain why export-biased growth may potentially lead to an adverse effect on home country’s welfare. Make...
Explain why export-biased growth may potentially lead to an adverse effect on home country’s welfare. Make sure to describe the measure that you use for welfare in your analyses
Which of the following explanations is a reason why Real GDP per Capital is NOT a...
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
The GDP measure that contains changes in both output and price is called Oexpenditure GDP. O...
The GDP measure that contains changes in both output and price is called Oexpenditure GDP. O value-added GDP. nominal GDP real GDRP
Explain why the real GDP in constant dollars might be inaccurate measure of economic activity?
Explain why the real GDP in constant dollars might be inaccurate measure of economic activity?
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which...
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true? GDP is useful to map changes in the economy's domestic economic performance over time. GDP is underestimated because it does not include illegal activities. GDP would be a better measure of economic performance it if included non- market activities. OGDP is a good measure of a nation's overall welfare.
1. Consider the case where real GDP and population are both growing, and real GDP is growing...
1. Consider the case where real GDP and population are both growing, and real GDP is growing faster than population. Which statement below is TRUE? A Real GDP per capita would increase and faster than real GDP. B Real GDP per capita would increase but slower than real GDP. C Real GDP per capita would remain the same. D Real GDP per capita would fall. Questions 2 and 3. Both Cowen and Tabarrok (Figure 7.1) and the Hans Rosling video illustrate the robust empirical truth that the...
Which of the following suggest that real per capita GDP is not a perfect measure of...
Which of the following suggest that real per capita GDP is not a perfect measure of economic well-being? a. population varies across counties b. GDP does not measure the value-added created during home production c. GDP does not take into account the income distribution d. GDP underestimates the value of goods and services produced in the economy because of inflation e. GDP inaccurately measures the value of goods and services produced by the government When do we say that the...
We were unable to transcribe this imageWhy is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
a) Explain why the traditional fixed-weighted measure of real GDP is preferred to nominal GDP for assessing changes in an economy's production over time. b) Explain why a chain-weighted measure of real GDP is preferred to the traditional fixed-weighted measure of real GDP.
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
The GDP measure that contains changes in both output and price is called Oexpenditure GDP. O value-added GDP. nominal GDP real GDRP
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true? GDP is useful to map changes in the economy's domestic economic performance over time. GDP is underestimated because it does not include illegal activities. GDP would be a better measure of economic performance it if included non- market activities. OGDP is a good measure of a nation's overall welfare.
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