b) Select the most correct response: i. An important indicator of a nations well-being is: a....

b) Select the most correct response:

i. An important indicator of a nations well-being is: a. Gross Domestic Product (GDP) b. Gross National Product (GNP) c. The growth rate of GDP and GNP

ii. Which of the following combination of monetary policy and fiscal policy can be used to reduce inflation? a. Increase taxes and sell government bonds b. Decrease taxes and sell government bonds c. Increase taxes and buy government bonds

iii. Which of the following changes in taxes and government spending is necessarily expansionary? a. Increase in taxes and decrease in government spending b. Decrease in taxes and increase in government spending c. None of the above

iv. Arrow's impossibility theorem suggests that: a. There is no voting procedure which can aggregate individual preferences b. Democracy is dysfunctional c. There is no perfect voting procedure that can tell us the group's “true” interests

v. Which of the following sets of preferences are intransitive (e.g., in a vote cycle)? a. Nero is preferred to Cesar. Cesar is preferred to Antony. Nero is preferred to Antony b. Nero is preferred to Cesar. Antony is preferred to Nero. Cesar is preferred to Antony c. None of the above

Expert Solution

Rahul Sunny answered 2 years ago

Why GDP is considered as the most important indicator of a country’s people well-being?

Gross Domestic Product (GDP) is one important indicator of economic well-being of an economy. The following...

Gross Domestic Product (GDP) is one important indicator of economic well-being of an economy. The following table shows expenditure components in the GDP of a certain economy across three years (in billion dollars, 2018 chained values): 2017 2018 2019 Private Consumptions 1000 1100 1200 Private Investments 500 520 540 Government Spending 100 150 180 Exports 8500 9000 8600 Imports 8300 8800 8500 a. Compute the annual economic growth rates over the period. Describe how the economy changed over time. b....

.One of the most important and well known reform act passed in response to the Financial...

.One of the most important and well known reform act passed in response to the Financial Crisis of 2007-2009 was the Dodd-Frank Wall Street Reform and Consumer Protection Act, popularly called the Dodd-Frank Act. Explain 2 specific provisionsof this Act and the purpose it was designed to fulfill? b. One goal of the Dodd-Frank Wall Street reform is to end the too-big-to-fail problem. How did it propose to do so? Why might it fail?

Problems of the GDP as the indicator of society’s economy and society’s well-being focusing on economy...

Problems of the GDP as the indicator of society’s economy and society’s well-being focusing on economy and environment.

why unemployment rate is an imperfect measure of a nations overall level of well-being ?

I just need A2, A3, and B answered. A1 I have the correct Answers, as well...

I just need A2, A3, and B answered. A1 I have the correct Answers, as well as C. AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 900 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 900 pounds was $140,940, determined as follows: Direct materials (900...

In a measure of well-being, the state in which I live had a mean well-being score...

In a measure of well-being, the state in which I live had a mean well-being score of 65.5 with a standard deviation of 1.6. I wonder if the people within my neighborhood would be significantly different from the state statistics. So I calculate the well-being scores for 16 within my neighborhood to run a statistical comparison. The data are presented below. What is the dependent variable and independent variable in this statistical test? Subject Well-being Score 1 68 2 78...

Match the following numbered items with the most correct response letter. A response may be used...

Match the following numbered items with the most correct response letter. A response may be used once, more than once, or not at all. Group of answer choices Behavior modification [ Choose ] Reinforcement perspective on motivation Process perspective on motivation Content perspective on motivation Porter-Lawler extension [ Choose ] Reinforcement perspective on motivation Process perspective on motivation ...

The most important use of gross domestic product (GDP) is as an indicator of economic growth,...

The most important use of gross domestic product (GDP) is as an indicator of economic growth, living standards, and the economy’s position on the business cycle. Although GDP information can be very enlightening, its measurement of economic activity is not perfect.in one paragraph, addressing the following: What are some shortcomings of GDP information? Does it tell us everything we need to know? Justify your answer. What does the measurement fail to include? Or does it include everything we need to measure...

The conservation of biodiversity is believed to be very important to the well-being and survival of...

The conservation of biodiversity is believed to be very important to the well-being and survival of humans. Do you agree with this? Explain why biodiversity should or should not be a concern of everyone, using specific examples to illustrate your points. Conduct some research on your own to support your explanations and positions.

Question