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TEST:Book:Mankiw:Science of Macroeconomics,Data of Macroeconomics, National Income, Money and Inflation. Test will have 20 sample multiple choice and 4 short answers. You will have 1 hour to do . I...

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TEST:Book:Mankiw:Science of Macroeconomics,Data of Macroeconomics, National Income, Money and Inflation.

Test will have 20 sample multiple choice and 4 short answers. You will have 1 hour to do . I will upload 4 short answer first and after 25 min i will upload the 25 multiple choice. You can send me back the 4 short answers after 30min of test and the multiple choice after the last 30min. Please make sure you do well the short answer because worth 60 % of the test.Its most important for me to get full points in the 4 short answers but i want the best score of course.

example of 1 multiple choice:

The inflation rate is the

A) measure used to calculate the price level.

B) measure used to calculate the cost of borrowing money.

C) percentage increase in the average level of prices.

D) percentage increase in the average level of wages.

Answered Same Day Dec 20, 2021

Solution

Robert answered on Dec 20 2021
128 Votes
1. 1. Real GDP per capita is an imperfect measure of economic well-being because it does not value home production or production in the underground economy, among other factors. Give at least two examples that show why the omission of these types of items will make a difference in evaluating economic well-being. One example should explain how the omissions distort comparisons of economic well-being across countries, and the other example should explain how the omission distorts comparisons of economic well-being in the same country over time.
Answer
Take two nations- one is developed and the other is underdeveloped. Both produce same level of output in agriculture. The 2nd nation will show a lower GDP as its agriculture sector is unorganized and run by households on small farms. The contribution of women and family is large , but this is not part of GDP as wages are not paid to family
In the 1st nation GDp will be higher as it employs labor to work on large farms and is run like a firm with wages being paid to workers.
In the 2nd nation as it develops its agriculture sector also consolidates and uses more...
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