Question
In: Economics
How are Asian economies distinctive? What are the limitations of gross domestic product and gross national...
How are Asian economies distinctive?
What are the limitations of gross domestic product and gross national income as measures of a nation’s economic welfare?
Solutions
Expert Solution
The Asian economies are different in the nature of its gross domestic product. The GDP in such countries is dominated by the services sector which makes up a large percentage. Also in such countries the control of economic policy in managed less by the central bank of the country and more so by the government in power. Also Asian economies rely majorly on their exports as a source of revenue, as compared to the west.
GDP and GNI while they are good measures of welfare they have their limitations in that they dont include the black economy which is not part of accounting records. GDP also depends on inflation levels and the base year chosen and so in periods of high inflation the GDP will be delfated and non compararble with past years. The GDP and GNI also are calculated following certain accounting methods and so this may vary across countries and not allow comparison. This is a problem.
Rahul Sunny answered 2 years agoRelated Solutions
What is Gross Domestic Product and what are its components? What are the limitations of GDP as a measure?
What is Gross Domestic Product and what are its components?What are the limitations of GDP as a measure?
In a summary, explain the limitations of the Gross Domestic Product measure as an indicator of...
In a summary, explain the limitations of the Gross Domestic
Product measure as an indicator of the economic performance of a
country.
3. which of the following weeks increase US gross national product(GNP) but not gross domestic product...
3.
which of the following weeks increase US gross national
product(GNP) but not gross domestic product (GDP) ?
a. an increase in Honda's output in North Carolina which is
sold in Japan
b. an increase in Ford output in japan which is exported to be
sold in china
c. an increase in toyota output in china which is purchased by
US residnents living in china
d. an increase in toyotas out put in japan which is exported
to the US...
1. Describe the limitations of using Gross Domestic Product (GDP) as a measure of economic activity....
1.
Describe the limitations of using Gross Domestic Product (GDP) as a
measure of economic activity.
2. How does classical economics explain its confidence in the
ability of natural forces to return the economy to its potential
level of real GDP?
3. What were the reasons for establishing the Federal Reserve
System as 12 Reserve banks rather than a single central bank in
Washington?
4. What is meant by the "independence" of the Fed? Is the
Federal Reserve independent? Explain...
Questions: 1. Define Gross National Product (GNP) and its purpose and limitations. 2. What is your...
Questions:
1. Define Gross National Product (GNP) and its purpose
and limitations.
2. What is your understanding GNP
accounting:
a. expenditure approach and cite an example.
b. income approach and cite an example.
3. What do you mean by a personal income.
Describe what gross domestic product is and how it is measured. There are several transactions that...
Describe what gross domestic product is and how it is measured.
There are several transactions that are excluded from measuring GDP
such as financial transactions, second-hand goods, etc.
Explain what these excluded transactions are and why they are
excluded.
Select one of these excluded transactions and give your
thoughts on how GDP would currently change if that item were
included.
Complete the Gross Domestic Product worksheet. To access the Gross Domestic Product data required in the...
Complete the Gross Domestic Product
worksheet.
To access the Gross Domestic Product data required in the
worksheet from the government website, use the following click
stream:
> Access the website, http://www.bea.gov
> Under the "National" heading, click “Gross Domestic
Product.”
> Under the heading “Gross Domestic Product,” click on
“Interactive Tables: GDP and the National Income and Product
Account (NIPA) Historical Tables.”
> Click on “Begin using the data”
> Select “Section I - Domestic Product and Income”
> Select...
Complete the Gross Domestic Product worksheet. To access the Gross Domestic Product data required in the...
Complete the Gross Domestic Product worksheet. To access the
Gross Domestic Product data required in the worksheet from the
government website, use the following click stream: > Access the
website, http://www.bea.gov > Under the "National" heading,
click “Gross Domestic Product.” > Under the heading “Gross
Domestic Product,” click on “Interactive Tables: GDP and the
National Income and Product Account (NIPA) Historical Tables.” >
Click on “Begin using the data” > Select “Section I - Domestic
Product and Income” > Select...
The following table contains approximate figures for gross domestic product (GDP) and the national debt in...
The following table contains approximate figures for gross
domestic product (GDP) and the national debt in the United States
for June 2001 and June 2010. The national debt represents the total
amount of money owed by the federal government to holders of U.S.
securities. All numbers are in trillions of dollars.
GDP
Total National Debt
Debt Held by
Debt Held Outside Fed. Govt. and Fed. Reserve
(Trillions of Dollars)
(Trillions of Dollars)
Federal Government
Foreign Ownership (External National Debt)
U.S....
1.90 Gross domestic product. Refer to Exercise 1.46, where we examined the gross domestic product of...
1.90 Gross domestic product. Refer to Exercise
1.46, where we examined the gross domestic product
of 189 countries. GDP
(a) Compute the mean and the standard deviation.
(b) Apply the 68–95–99.7 rule to this distribution.
(c) Compare the results of the rule with the actual
percents within one, two, and three standard deviations
of the mean.
(d) Summarize your conclusions.
mean is 380,773 and standard deviation is 1450933
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