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1) Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.
GDP is really a measure of an economy's output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standards.
Do you think GDP is the best measure of living standard? Why? Why not?
2) How would you explain the finding that people in high-income economies seem happier than people in low-income economies, but, over time, people in high-income economies do not seem to be any happier even if their country grows richer? Briefly discuss.
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1. refer to the above figure. suppose that you have 365 days per year and could earn 200 per day for each day you
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You are the director of marketing for a regional hospital. The board of directors at your hospital has studied the 2011 Institute of Medicine (IOM) report Early Childhood Obesity Prevention Policies.
analyze job salaries for the state of Minnesota. Introduce your scenario and data set.Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.Describe the variables in your data set.Are the variable..
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