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- Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retireeExamples of GDP and GNPthe measurement method of per capita income in Turkey has been changed in 2016.What is wrong with it?What’d happen to GDP per capita if Turkey has not made this revision?Do the other countries also apply such revisions?
- Global GDP has two issues. Which considerations should be considered while comparing GDPs?Applying Saint Leo's Core values to your analysis, describe what GDP measures and some of the limitations of GDP.Is GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a country's well-being? How should a country’s well-being be measured?
- List two economically important activities not captured in GDP.Why could calculating GDP each year using current prices overstate or understate changes in actual output year to year?If we want to enhance our measure of national economic well being beyond what GDP figures tell us, what other behaviors should be report on.