What are some of the limitations in using GDP as a measuring rod of our economic well-being?
Answer to relevant QuestionsIf Madonna married her personal bodyguard, what effect might it have on national income? How does autonomous consumption fit into the consumption equation? Consider the variables income, consumption, and investment. One relationship among them is relatively stable, the other quite volatile. Discuss. Calculate the 2010 and 2011 MPCs for each of the countries when national income falls by 1,000. Professor Arvind Jaggi asks his students at Franklin and Marshall College: "Building schools is not only good for students but for many non students as well." Who are these nonstudents? Explain why they benefit.
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