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Although GDP per capita is the most commonly used measure of a country's success, many economists believe it does not give an accurate measure of a nation's economic well-being. Some studies have concluded that GDP is not the best measure of well-being, and although it may be the best available on a timely basis, other factors need to be considered in addition to GDP to give a more accurate picture of economic well-being and the disparity of well-being between nations.Clearly identify at least three such factors that in your view should be included in the GDP calculations. Explain and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
A museum increases its admission price by 10 percent. As a result, total revenues increase by 10 percent. the price elasticity of demand for admission is?
Economic historians have argued that the financial system that emerged in the late 1700s and early 1800s was instrumental in promoting modern economic growth a few decades later. Discuss the important features of the new financial system that fos..
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
Management is often faced with the alternative of continuing to make a product or component internally, or going to an external source and purchasing the product or component. In gathering relevant information for these two alternatives, briefly i..
Distinguish between a change in Supply and a change in the quantity supplied. Refer to both increases and decreases for each. Distinguish between a change in Demand and a change in the quantity demanded. Refer to both increases and decreases for.
The school of economic thought which argues that through tax reductions, and deregulation, government creates the proper incentives for the private sector to increase aggregate supply is known as the.
Industry structure is often examine through computing the 4-company Concentration Ratio. Assume you have an industry with 20 firms and the CR is 30 percent.
Monetary Contraction Suppose the central bank wants to decrease the price level, but the economy is already at the natural rate of output.
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
Determine the maximum number of lbs. of butter the economy can produce and
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
This is not a goal of government programs To enforce private property rights ,To prohibit natural monopolies or else.
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