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Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is now widely used by policymakers, economists, international agencies and the media as the primary scorecard of a nation's economic health and well-being.
Yet the GDP was never intended for this role. It is merely a gross tally of products and services bought and sold, with no distinctions between transactions that add to well-being, and those that diminish it. Instead of separating costs from benefits, and productive activities from destructive ones, the GDP assumes that every monetary transaction adds to well-being, by definition. It is as if a business tried to assess its financial condition by simply adding up all "business activity," thereby lumping together income and expenses, assets and liabilities.
But how can we be curtain that higher GDP is better for our way of life if GDP does not calculate social costs such as pollution?
Two consumers Jorge and Admen, together own 1,000 baseball cards and 5,000 Pokémon cards.
q1. a hearing is scheduled for your company to present arguments that your firm has not increased its market power
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
Illustrate what is the expected return of the remaining portion of Peggy's portfolio.
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
Enterprises conduct business transactions with other enterprises for a number of economic, business and strategic motivations.
one year later, the new class discovered that, at a price of 30 cents per can, the number of cans has fallen to 125 and two revenues are down. (A) Compute the price elasticity of demand in the first and second cases. (B) Explain what may have happ..
How does the law of demand relate to the price and demand for gasoline in the United States? Does this law accurately reflect reality? Use current research, personal experiences, and economic concepts to state your response.
profits associated with polluting for friedman inc. are pi 40q - 2q2 where q pollution emitted in tons and profits
q1. assume australias unemployment rate began to rise and the government passed an investment tax credit to help
A firm with the ability to affect the price of its product:
Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
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