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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?

Unit 4 Assignment

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.

Household purchases of durable goods$1293
Household purchases of nondurable goods$1717
Household purchases of services$301
Household purchases of new housing$704
Purchases of capital equipment$310
Inventory changes$374
Purchases of new structures$611
Depreciation$117
Salaries of government workers$1422
Government expenditures on public works$553
Transfer payments$777
Foreign purchases of domestically produced goods$88
Domestic purchases of foreign goods$120

 

Refer to the table above to answer the following questions.

a. What was country A’s GDP in 2010?

b. What was country A’s consumption in 2010?

c. What was country A’s investment in 2010?

d. What were country A’s government purchases in 2010?

e. What were country A’s exports and imports in 2010? What was the net export in 2010?

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