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Think about the knowledge of GDP helps in understanding the growth pattern of any economy? The common people do not review GDP; how, as an economist, you will help educate people? please answer more than 350 words

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019

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Related questions

Which of the following statements is true?

A decrease in the crime rate increases GDP as people will spend more on security.

B Household production is counted in GDP as it amounts to real production.

C GDP accounting rules do not adjust for production that pollutes the economy.

D GDP growth distributes income equally to people in the economy.

1- Think about our economy. Irrespective of economic conditions, we consume many goods and services in various quantities. There are constant allocation and re-allocation of resources. How does this happen? What economic mechanism helps allocate resources to the preferences of hundreds of millions of people? (Hint: Consumer's sovereignty).

2-In light of the underground economy, and other shortcomings of using GDP as a measuring rod, do you think the government should include estimates of the underground economy in its GDP calculations? Discuss the pros and cons. Use references as needed.

1) Economic growth

a) China has had a much faster growth rate than America for the past 30 years. However, in terms of GDP per capita, they might not ever catch up (or maybe they will). Comment on this and in your answer use the factors of growth.

b) It has been said that America has adopted an economic policy where we wait around for the next technological advancement. During this time our GDP growth rate increases. When we are in between periods of technological discoveries our GDP growth rate slows down. What could we do to ensure more constant economic growth?

c) Is technology responsible for destroying jobs. Think about your own life and the economy around you. How many jobs do you see that have been replaced by technology? Are there as many job opportunities as in your parents' day?

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