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How can an economic development be measured?
The UN has developed an extensively accepted set of indices to measure development in opposition to a mix of composite (element or compound) indicators:
• Human Development Index (HDI): It measures a country is average achievements into three fundamental dimensions of human development: educational attainment, life expectancy and adjusted real income (PPP$ per person).
• Human Poverty Index (HPI): It measures deprivation into fundamental human development by using % of people expected to die before age forty, percent of illiterate adult %, of people without access to health services as well as safe water and the percent of underweight children in five like indicators.
• Development diamonds demonstrate four key indicators into a country compared along with its income-group average that is access to safe water, gross primary enrolment, GNP per capita and average life expectancy for 2015.
SUppose nominal GDP increases from 5.8 trillion to 6 trillion. The GDP deflator rose over that same year by 3.9 percent. By what percent does the real output increase?
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1.
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