Which Of The Following Are Actually Included In Deriving This Year's GDP?
2. Why is GDP considered a limited measure of societal well-being and progress and outline two alternative measures that have been developed to address some of the limitations of GDP?
a. Which of the following are actually included in deriving this year’s GDP? Explain your answer in each case.
(Real GDP is the money GDP adjusted for inflation by an implicit price deflator)
social security payments received by a retired factory worker(real GDP)
the services of a professional painter in painting someone else’s home(the price is according to current market ,Money GDP)
i. the services of your Dad painting the family home
the income of a dentist(the price is according to current
a. Which of the following are actually included in deriving this year’s GDP? Explain your answer in each case.
(Real GDP is the money GDP adjusted for inflation by an implicit price deflator)
social security payments received by a retired factory worker(real GDP)
the services of a professional painter in painting someone else’s home(the price is according to current market ,Money GDP)
i. the services of your Dad painting the family home
the income of a dentist(the price is according to current