Business Finance
Gross Domestic Product and Unemployment

Question Description

Please choose ONE of the following questions. Your response should be 600+ words long.

1) What are the two main difficulties that arise in comparing the GDP of different countries?

2) Identify some of the reasons GDP should not be considered an effective measure of the standard of living of a country.

3) Name and explain some of the reasons why wages are likely to be "sticky downward".

4) Is a decrease in the unemployment rate necessarily a good thing for the nation? Explain.

Formatting Requirements

  • Use APA format to cite and reference research information from the textbook and one other source.
  • The paper should be in APA format with 1" margins, double spaced, and Times New Roman 12 pt. font.
  • Write in the 3rd person.

Final Answer

Attached.

Running Head: GDP AS A MEASURE OF THE STANDARD OF LIVING OF A COUNTRY 1

Some of the Reasons GDP Should Not Be Considered an Effective Measure of the Standard Of
Living of A Country.
Student’s Name
Institution of Affiliation
Course
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GDP AS A MEASURE OF THE STANDARD OF LIVING OF A COUNTRY

2

GDP should not be considered an effective measure of the standard of living of a country
because it ignores several factors and issues that impact the actual living stands of the individual.
This means that the factors captured in the GDP fail to take into consideration all the relevant
indicators of the living standards of the citizens of a country (Barro, 2014). For instance, the
GDP data fails to reflect qualitative aspects of life such as the level life expectancy, the increases
in leisure time, the level of crime rate, availability of entertainment, adventure and traveling.
Also, the quality of an individual's living environment, the health, culture, and conges...

Doctor_Ralph (19950)
Rice University

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