your opinion, which economic indicator, nominal GDP, real GDP, or inflation, do you believe provides the best picture of the state of the economy? Why?
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In your opinion, which economic indicator, nominal
Real GDP provides a clearer picture of the state of the economy than nominal GDP and inflation.
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- U.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?What is the primary way in which economists measure standards of living? What are some of the other ways of comparing the standard of living in countries around the world?GDP per capita for the U.S. and Bhutan. How do they compare? What do the GDP per capita calculations indicate with respect to standards of living in each country? Now, research Gross National Happiness (GNH). Compare GNH in Bhutan to Bhutan’s GDP. Which measure do you think is the most useful measure in evaluating a nation’s standard of living?
- Describe the economic cycle. Give specific details and examples.How useful is GDP as a measure for countries' well-being and why? What other measures could be included in comparing well-being across countries? If you were to design an index to measure well-being in a country, what factors would you include in the index?Real GDP versus Nominal GDP?
- What is the difference between using a measure of inflation such as the consumer prices index (CPI) and the GDP deflator? Which do you think is the more accurate measure of price changes in an economy?What items are not included in the calculation of GDP in the economy of the country.Which is a better economic indicator, GDP or GNP and explain why?
