=================================================== AB 204 Unit 4 Assignment
Calculate the opportunity cost of increasing the annual output of potatoes from 400 to 600 pounds.
What is the difference between the answers to parts b and c?
What does the change in opportunity costs indicate about the slope of the production possibility frontier?
=================================================== AB 204 Unit 4 Assignment
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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