Question: a. Why do we need to study macroeconomics? b. Why do economists prefer the real GDP rather than the nominal GDP and the real GDP

a. Why do we need to study macroeconomics? b. Why do economists prefer the real GDP rather than the nominal GDP and the real GDP per capita is further preferred rather than just the real GDP in measuring a nation's economic well-being? c. What is the relationship between GDP and standard of living? d. By World Bank standards, the Philippines is a poor country. Why do you think is the Philippines poor? e. Discuss the limitations of the GDP as a measure of welfare

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