Answered: Why might per capita GDP be only an…

Why might per capita GDP be only an imperfect measure of a country’s standard of living? What does GDP not tell us about the economy? Which of the following are included in GDP, and which are not?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the components of GDP must increase if we are to experience greater rates of economic growth? If the illegal drug trade was legalized what would happen to GDP? What would happen to GDP if a significant number of house-spouses who were previously staying home to care for their children began taking jobs and placing their children in day-care? Would the nation's well-being necessarily be better off?
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Why isn't GDP a good measure for economic well being