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Question:
Why is GDP an imperfect measure of the wealth of a country?
Outline one or more alternative measures that could be used to better represent the wealth of a country?
In your country, how were GDP and the alternative measure(s) you discuss in part 2 of the question impacted by the 2008 crisis?
In your country, when did these measures of national wealth (GDP included) return to their pre-crisis levels (or near pre-crisis levels)? Discuss the reasons why the return to pre-crisis levels took the time it did in your country.
Guidelines for this question:
To answer this question use economic concepts and economic data from the World Bank, IMF or equivalent. Present the data you use in graphs and/or tables.
macropoland a country that is a natural gas and oil importer has a natural rate of unemployment at the full employment
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How could you estimate the net welfare loss (deadweight loss) from such a diagram?
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