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Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is now widely used by policymakers, economists, international agencies and the media as the primary scorecard of a nation's economic health and well-being.
Yet the GDP was never intended for this role. It is merely a gross tally of products and services bought and sold, with no distinctions between transactions that add to well-being, and those that diminish it. Instead of separating costs from benefits, and productive activities from destructive ones, the GDP assumes that every monetary transaction adds to well-being, by definition. It is as if a business tried to assess its financial condition by simply adding up all "business activity," thereby lumping together income and expenses, assets and liabilities.
But how can we be curtain that higher GDP is better for our way of life if GDP does not calculate social costs such as pollution?
structural unemployment of 2 percent, seasonal unemployment of 0.5 percent and cyclical unemployment of 2 percent, illustrate what is natural rate of unemployment.
Assume to two firms in an industry with an index of 5,000 announce a merger. The U.S. Justice Department concludes the merger will boost the index to 5,500. The antitrust authorities will most likely.
A huge increase in resource costs causes the price to rise to $9 also Block's only manages to sell 460 bottles of perfume.
If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
Elucidate how many of the variable input should the firm utilize to maximize profits? Please verify. Note which in order to do this you want to utilize costs.
Illustrate what do you expect would happen to coffee consumption? In what direction would the CPI move, ceteris paribus? Would that change correctly reflect the impact on consumers' welfare? Explain briefly.
Assuming no other changes, if balances in money market deposit accounts increase by $50 billion and small-denominated time deposits decrease by $50 billion.
Use these data to calculate the following:a.Private saving b.Public saving c.Government purchases
Assume that the positions of the supply and demand curves have not changed over the past three months (this means there have been no shifts). Over the past three months, the price for motorcycles has steadily risen from $5000 to $8500. Also, assume t..
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
The text noted that money performs three basic functions. Select one of these functions and describe the ways rapid inflation could undermine money's ability to perform the function you selected.
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
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