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1. Why does inflation make nominal GDP a poor measure of the increase in total production from one to the next? How does the U.S' BEA deal with the problem inflation causes with nominal GDP?
2. Briefly explain whether you agree or disagree with the following statements.
a. "Whenever real GDP declines, nominal GDP must also decline."
b. "If a recession is so severe that the price level declines, then we know that both real and nominal GDP must decline."
3. Why is GDP an imperfect measure of economic well-being? What types of production does GDP not measure? Even if GDP included these types of production, why would it still be an imperfect measure of economic well-being?with this said this means that the GDP DOES NOT include: In the video Beyond GDP whose link is given in the GDP module, what natural resource do they discuss and how do they think it should fit into measurement of an economy? (5 pts
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1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
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Why and how are economists attempting to create more accurate measurements of development? The why part is simply because of the complexities built-in to the concept of develop
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