S3 EconomicsTopic 3: Measurement of Economic Performance17Note 3.1 IntroductionA How to measure the economic performance of a country/region?When the economic performance of a country/region is better, we can also say thatthe living standard of the people may also be higher.1.In your opinion, what is the meaning of "high living standard"?2. Choose one item from the list below and explain how it can reflect the livingstandard of the people.Happiness index, crime rate, average schooling years, life expectancy, averageworking hours, median family income, number of holidays per year, level ofpollution, average weight of rubbish disposed per person, amount of savingsper person1 1.The following diagram shows a production process of an economy.Imported$600materials$4300ExporterAmy's garmentLocalfactorymaterials14Local$400$2000boutiquesWhat is the contribution of Amy's garment factory to the GDP of the economy?2.The following diagram shows a production chain of watches in an economy:Imported materialsS30SI50 Foreign consumersLocal watchmanufacturersLocal watch$120retailersLocal materials$20Find the contribution of the local watch manufacturers to the economy's GDP.

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Economics

1. In your opinion, what is the meaning of "high living standard"?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Price of a Dress Total Cost Opportunity Cost of Time (Dollars) (Dollars per dress) (Dollars) Store 100 Local Department Store 86 Across Town 63 Neighboring City 10:57 PM 36 F Clear 2/27/2022
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