1. List and explain the two
different approaches used to measure GDP.
2. Explain why GDP figures
do not necessarily measure happiness or well-being.
3. Given that GDP is a
measure of what is produced in a country, explain how the
expenditure approach can measure GDP. How are items produced, but
not yet sold, accounted for in the expenditure approach?
What were the social and political effects of Radical
Reconstruction in the South? Discuss and list Black Leaders during
this period.
5-7 sentences for the answer
What is GDP?
What is the difference between the nominal GDP and real
GDP?
Explain why comparing the GDP’s of various nations might
not tell you which nation’s people are better off.
capital controls have two opposing macroeconomic
effects, List the two opposing effects, the factors that cause the
effects and describe briefly how the factors cause these opposing
effects.
Explain the effects that a large informal sector can have on the
measurement of Real GDP in the presence of price controls. How do
economists attempt to measure the informal sector?