AB 204 Unit 5 Assignment For more course tutorials visit www . tutorialrank . com
1 ) U . S . real GDP is substantially higher today than it was 60 years ago . What does this tell us , and what does it not tell us , about the well-being of U . S . residents ? What are the limitations of the GDP as a measure of economic well-being ? Given the limitations , why is GDP usually regarded as the best single measure of a society ’ s economic well-being ?
2 ) What is an intermediate good ? How does an intermediate good differ from a final good ? Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP , but the value of intermediate goods produced and not sold is included directly as part of GDP .
3 ) GDP is defined as the market value of all final goods and services produced within a country in a given period of time . In spite of this definition , some production is left out of GDP . Explain why some final goods and services are not included .
4 ) The table below contains data for country A for the year 2010 . ==========================================
AB 204 Unit 5 Assignment For more course tutorials visit www . tutorialrank . com
1 ) Assume there is a simple economy where people consume only 2 goods , food and clothing . Further assume that the market