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Chapter 6: Q. 14 (page 160)
Why must you avoid double counting when measuring GDP?
Double counting can lead to incorrect calculations in gross domestic product (GDP).
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The Central African Republic has a GDP of CFA francs and a population of . The exchange rate is CFA francs per dollar. Calculate the GDP per capita of Central African Republic.
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change
in the broad standard of living.
a. The environment becomes dirtier
b. The crime rate declines
c. A greater variety of goods become available to consumers
d. Infant mortality declines
According to Table 6.7, how long has the average expansion lasted since the end of World War II?
How do you convert a series of nominal economic
data over time to real terms?
Which of the following are included in GDP, and which are not?
a. The cost of hospital stays
b. The rise in life expectancy over time
c. Child care provided by a licensed day care center
d. Child care provided by a grandmother
e. A used car sale
f. A new car sale
g. The greater variety of cheese available in supermarkets
h. The iron that goes into the steel that goes into a refrigerator bought by a consumer.
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