第五版宏观经济学习题答案(英文)_第1页
第五版宏观经济学习题答案(英文)_第2页
第五版宏观经济学习题答案(英文)_第3页
第五版宏观经济学习题答案(英文)_第4页
第五版宏观经济学习题答案(英文)_第5页
已阅读5页,还剩294页未读 继续免费阅读

下载本文档

版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领

文档简介

MEASURINGANATION'S

INCOME

WHAT'SNEWINTHEFIFTHEDITION:

ThereismoreclarificationontheGDPdeflator.TheCaseStudyon“WhoWinsatthe

01ympics?”isnowanFYIbox.

LEARNINGOBJECTIVES:

Bytheendofthischapter,studentsshouldunderstand:

whyaneconomy'stotalincomeequalsitstotalexpenditure.

howgrossdomesticproduct(GDP)isdefinedandcalculated.

thebreakdownofGDPintoitsfourmajorcomponents.

thedistinctionbetweenrealGDPandnominalGDP.

whetherGDPisagoodmeasureofeconomicwell-being.

CONTEXTANDPURPOSE:

Chapter23isthefirstchapterinthemacroeconomicsectionofthetext.Itisthefirstofa

two-chaptersequencethatintroducesstudentstotwovitalstatisticsthateconomistsusetomonitor

themacroeconomy—GDPandtheconsumerpriceindex.Chapter10developshoweconomists

measureproductionandincomeinthemacroeconomy.Thefollowingchapter,Chapter11,

developshoweconomistsmeasurethelevelofpricesinthemacroeconomy.Takentogether,

Chapter10concentratesonthequantityofoutputinthemacroeconomywhileChapter11

concentratesonthepriceofoutputinthemacroeconomy.

Thepurposeofthischapteristoprovidestudentswithanunderstandingofthe

measurementandtheuseofgrossdomesticproduct(GDP).GDPisthesinglemostimportant

measureofthehealthofthemacroeconomy.Indeed,itisthemostwidelyreportedstatisticin

everydevelopedeconomy.

KEYPOINTS:

•Becauseeverytransactionhasabuyerandaseller,thetotalexpenditureintheeconomymust

equalthetotalincomeintheeconomy.

•Grossdomesticproduct(GDP)measuresaneconomy'stotalexpenditureonnewlyproduced

goodsandservicesandthetotalincomeearnedfromtheproductionofthesegoodsand

services.Moreprecisely,GDPisthemarketvalueofallfinalgoodsandservicesproduced

withinacountryinagivenperiodoftime.

•GDPisdividedamongfourcomponentsofexpenditure:consumption,investment,

governmentpurchases,andnetexports.Consumptionincludesspendingongoodsand

servicesbyhouseholds,withtheexceptionofpurchasesofnewhousing.Investmentincludes

spendingonnewequipmentandstructures,includinghouseholds,purchasesofnewhousing.

Governmentpurchasesincludespendingongoodsandservicesbylocal,state,andfederal

governments.Netexportsequalthevalueofgoodsandservicesproduceddomesticallyand

soldabroad(exports)minusthevalueofgoodsandservicesproducedabroadandsold

domestically(imports).

•NominalGDPusescurrentpricestovaluetheeconomy'sproductionofgoodsandservices.

RealGDPusesconstantbase-yearpricestovaluetheeconomy'sproductionofgoodsand

services.TheGDPdeflator-calculatedfromtheratioofnominaltorealGDP—measuresthe

levelofpricesintheeconomy.

•GDPisagoodmeasureofeconomicwell-beingbecausepeoplepreferhigherincomesto

lowerincomes.Butitisnotaperfectmeasureofwell-being.Forexample,GDPexcludesthe

valueofleisureandthevalueofacleanenvironment.

CHAPTEROUTLINE:

Regardlessofwhethermicroeconomicsistaughtbeforemacroeconomicsorviceversa,

studentsneedtoberemindedofthedifferencesbetweenthetwoareasofstudy.Beginby

rlAfininrrthatwetArmcandertntracfinrrandccm八arin。fXr»nc

I.ReviewoftheDefinitionsofMicroeconomicsandMacroeconomics

A.Definitionofmicroeconomics:thestudyofhowhouseholdsandfirmsmake

decisionsandhowtheyinteractinmarkets.

StudentshaveheardofGDPandtheyaregenuinelyinterestedinlearningmoreabout

whatitis.ThebasicpointthatyoumustgetacrossisthatGDPisameasureofboth

aggregateproductionandaggregateincomeinanationoveraperiodofoneyear.Youcan

demonstratethisbyusingthecircular-flowdiagramandexplainingthatproduction

generatesincome,whichprovidesthepurchasingpowerthatgeneratesthedemandforthe

A.Tojudgewhetherornotaneconomyisdoingwell,itisusefultolookatGrossDomestic

Product(GDP).

1.GDPmeasuresthetotalincomeofeveryoneintheeconomy.

2.GDPmeasurestotalexpenditureonaneconomy'soutputofgoodsandservices.

B.Foraneconomyasawhole,totalincomemustequaltotalexpenditure.

1.Ifsomeonepayssomeoneelse$100tomowalawn,theexpenditureonthelawn

service($100)isexactlyequaltotheincomeearnedfromtheproductionofthe

lawnservice($100).

2.Wecanalsousethecircular-flowdiagramfromChapter2toshowwhytotal

incomeandtotalexpendituremustbeequal.

Fiaure1

MARKETS

FIRMS

Produceandsell•Buyandconsume

goodsandservicesgoodsandservices

Hireandusefactors•Ownandsellfactors

ofproductionofproduction

MARKETS

FOR

FACTORSOFPRODUCTION

•Householdssell

andprofit•Firmsbuy

—=Flowofinputsandoutputs

—=Flowofdollars

a.Householdsbuygoodsandservicesfromfirms;firmsusethismoneytopayfor

resourcespurchasedfromhouseholds.

b.Inthesimpleeconomydescribedbythiscircular-flowdiagram,calculatingGDP

couldbedonebyaddingupthetotalpurchasesofhouseholdsorsumming

totalincomeearnedbyhouseholds.

c.Notethatthissimplediagramissomewhatunrealisticasitomitssaving,taxes,

governmentpurchases,andinvestmentpurchasesbyfirms.However,because

atransactionalwayshasabuyerandaseller,totalexpenditureintheeconomy

mustbeequaltototalincome.

III.TheMeasurementofGrossDomesticProduct

A.Definitionofgrossdomesticproduct(GDP):themarketvalueofallfinal

goodsandservicesproducedwithinacountryinagivenperiodoftime.

ToputGDPintermsthestudentmayunderstandbetter,explaintothemthatGDP

representstheamountofmoneyonewouldneedtopurchaseoneyear'sworthofthe

HaveacontestandseewhichstudentcancomeclosestinguessingthelevelofGDPfor

theUnitedStateslastyear.

B.''GDPIstheMarketValue

1.Toaddtogetherdifferentitems,marketvaluesareused.

2.Marketvaluesarecalculatedbyusingmarketprices.

C.''...OfAll..."

1.GDPincludesallitemsproducedandsoldlegallyintheeconomy.

2.Thevalueofhousingservicesissomewhatdifficulttomeasure.

a.Ifhousingisrented,thevalueoftherentisusedtomeasurethevalueofthe

housingservices.

b.Forhousingthatisowned(ormortgaged),thegovernmentestimatesthe

rentalvalueandusesthisfiguretovaluethehousingservices.

3.GDPdoesnotincludeillegalgoodsorservicesoritemsthatarenotsoldinmarkets.

a.Whenyouhiresomeonetomowyourlawn,thatproductionisincludedinGDP.

b.Ifyoumowyourownlawn,thatproductionisnotincludedinGDP.

D..Final..

1.IntermediategoodsarenotincludedinGDP.

"Makesurethatstudentsrealizethatinvestmentgoods(suchasstructuresandvehicles

^P(sedinproduction)arenotintermediategoods.Investmentgoodsrepresentproducts

good.

3.Goodsthatareplacedintoinventoryareconsideredtobe"final“andincludedin

GDPasafirm'sinventoryinvestment.

a.Goodsthataresoldoutofinventoryarecountedasadecreaseininventory

investment.

b.Thegoalistocounttheproductionwhenthegoodisfinished,whichisnot

necessarilythesametimethattheproductissold.

E..GoodsandServices.・

1.GDPincludesbothtangiblegoodsandintangibleservices.

F..Produced...zz

1.Onlycurrentproductioniscounted.

2.UsedgoodsthataresolddonotcountaspartofGDP.

G..WithinaCountry

1.GDPmeasurestheproductionthattakesplacewithinthegeographicalboundaries

ofaparticularcountry.

2.IfaCanadiancitizenworkstemporarilyintheUnitedStates,thevalueofhisoutput

isincludedinGDPfortheUnitedStates.IfanAmericanownsafactoryinHaiti,the

valueoftheproductionofthatfactoryisnotincludedinU.S.GDP.

Studentssometimeshavetroubleunderstandingthattheproductionofaforeignfirm

operatingintheUnitedStatesispartofU.S.GDP.Helpthemmaketheconnectionby

lusingthecircular-flowdiagram.Showthemthat,evenifitisaforeignfirm,thefirm's

workersarelivingintheUnitedStatesandbuyingclothes,groceries,andothergoodsin

theUnitedStates.Thus,theworkersintheforeignfinnoperatingintheUnitedStatesare

H...inaGivenPeriodofTime//

1.TheusualintervaloftimeusedtomeasureGDPisaquarter(threemonths).

2.WhenthegovernmentreportsGDP,thedataaregenerallyreportedonanannual

basis.

3.Inaddition,dataaregenerallyadjustedforregularseasonalchanges(suchas

Christmas).

I.Inadditiontosummingexpenditure,thegovernmentalsocalculatesGDPbyaddingup

totalincomeintheeconomy.

1.ThetwowaysofcalculatingGDPalmostexactlygivethesameanswer.

2.ThedifferencebetweenthetwocalculationsofGDPiscalledthestatistical

discrepancy.

J.FYI:OtherMeasuresofIncome

xltcanbeachallengetoteachallofthesedefinitionswithoutputtingyourstudentsto

,sleep.Concentrateonthemeasuresthatwillmeanthemosttostudentsasthesemester

A.GrossNationalProduct(GNP)isthetotalincomeearnedbyanation'spermanent

residents.

1.GNPincludesincomethatAmericancitizensearnabroad.

2.GNPexcludesincomethatforeignersearnintheUnitedStates.

B.NetNationalProduct(NNP)isthetotalincomeofanation'sresidents(GNP)minus

lossesfromdepreciation(wearandtearonaneconomy'sstockofequipmentand

structures).

C.Nationalincomeisthetotalincomeearnedbyanation'sresidentsintheproductionof

goodsandservices.

1.NationalincomediffersfromNNPbyexcludingindirectbusinesstaxesand

includingbusinesssubsidies.

2.NNPandnationalincomealsodifferdueto''statisticaldiscrepancy."

D.Personalincomeistheincomethathouseholdsandnoncorporatebusinessesreceive.

E.Disposablepersonalincomeistheincomethathouseholdsandnoncorporate

businesseshaveleftaftertaxesandotherobligationstothegovernment.

IV.TheComponentsofGDP

A.GDP(K)canbedividedintofourcomponents:consumption(C)zinvestment(/),

governmentpurchases(G),andnetexports(NX).

嗅C+/+G+/UY

StudentswillaskwhyGDPiscalled"Y."RemindthemthatinequilibriumGDP

-expendituresmustbeequaltoincome.The"Y"standsforincomebecausetheletterT

icUCAHfor

B.Definitionofconsumption:spendingbyhouseholdsongoodsandservices,

withtheexceptionofpurchasesofnewhousing.

C.Definitionofinvestment:spendingoncapitalequipment,inventories,and

structures,includinghouseholdpurchasesofnewhousing.

1.GDPaccountingusestheword"investment"differentlyfromhowweusetheterm

ineverydayconversation.

2.Whenastudenthearstheword''investment/'heorshethinksoffinancial

instrumentssuchasstocksandbonds.

3.InGDPaccounting,investmentmeanspurchasesofinvestmentgoodssuchas

capitalequipment,inventories,orstructures.

D.Definitionofgovernmentpurchases:spendingongoodsandservicesbylocal,

state,andfederalgovernments.

1.Salariesofgovernmentworkersarecountedaspartofthegovernmentpurchases

componentofGDP.

2.Transferpaymentsarenotincludedaspartofthegovernmentpurchases

componentofGDP.

Spendsometimeinclassdistinguishingbetweengovernmentpurchasesandtransfer

payments.Pointoutthattransferpaymentsareactuallynegativetaxesrepresenting

.paymentsfromthegovernmenttoindividuals(withnogoodorserviceprovidedin

return)ratherthanpaymentsfromindividualstothegovernment.Definenettaxesasthe

E.Definitionofnetexports:spendingondomesticallyproducedgoodsby

foreigners(exports)minusspendingonforeigngoodsbydomestic

residents(imports).

Table1

F.CaseStudy:TheComponentsofU.S.GDP

1.Table1showsthesefourcomponentsofGDPfor2007.

2.ThedataforGDPcomefromtheBureauofEconomicAnalysis,whichispartofthe

DepartmentofCommerce.

MakesurethatyoupointoutTable1.Callattentiontotheimportanceofconsumption

.andthenegativenumberinthenetexportscolumn.

V.RealVersusNominalGDP

A.Therearetwopossiblereasonsfortotalspendingtorisefromoneyeartothenext.

1.Theeconomymaybeproducingalargeroutputofgoodsandservices.

2.Goodsandservicescouldbesellingathigherprices.

B.WhenstudyingGDPovertime,economistswouldliketoknowifoutputhaschanged

(notprices).

C.Thus,economistsmeasurerealGDPbyvaluingoutputusingafixedsetofprices.

D.ANumericalExample

Makesurethatyoudothisexampleorasimilarnumericalexampleinclass.Ifyoufeel

_comfortableimprovising,letthestudentspicktwogoodsandthenmakeupanexample

Table2

1.Twogoodsarebeingproduced:hotdogsandhamburgers.

YearPriceofQuantityofPriceofQuantityof

HotDogsHotDogsHamburgersHamburgers

2008$1100$250

2009$2150$3100

2010$3200$4150

2.DefinitionofnominalGDP:theproductionofgoodsandservicesvaluedat

currentprices.

NominalGDPfor2008=($1x100)+($2x50)=$200.

NominalGDPfor2009=($2x150)+($3x100)=S600.

NominalGDPfor2010=($3x200)+($4x150)=$1,200.

3.DefinitionofrealGDP:theproductionofgoodsandservicesvaluedat

constantprices.

Lefsassumethatthebaseyearis2008.

RealGDPfor2008=($1x100)+($2x50)=$200.

RealGDPfor2009=($1x150)+(S2x100)=$350.

RealGDPfor2010=($1x200)+($2x150)=$500.

Makesurethatitiscleartostudentshowtocalculatethesenumberssothattheycan

.computenominalGDPandrealGDPontheirown.

E.BecauserealGDPisunaffectedbychangesinpricesovertime,changesinrealGDP

reflectchangesintheamountofgoodsandservicesproduced.

Emphasizethatwhenthereisinflation,nominalGDPcanincreasewhilerealGDP

actuallydeclines.MakesurethatstudentsunderstandthatrealGDPwillbeusedasa

nrev、,,frxrartcrrdTa+QerdifkrciirrhciifcmiroQ

ALTERNATIVECLASSROOMEXAMPLE:

Thecountryof(insertnamebasedonschoolmascotsuchas“PantherviHe”or

“Owlstown")producestwogoods:footballsandbasketballs.Belowisatableshowingpricesand

quantitiesofoutputforthreeyears:

YearPriceofQuantityofPriceofQuantityof

FootballsFootballsBasketballsBasketballs

Year1$10120$12200

Year21220015300

Year31418018275

NominalGDPinYear1=($10x120)+($12x200)=$3,600

NominalGDPinYear2=($12x200)+($15x300)=$6,900

NominalGDPinYear3=($14x180)+($18x275)=$7,470

UsingYear1astheBaseYear:

RealGDPinYear1=($10x120)+($12x200)=$3,600

RealGDPinYear2=($10x200)+($12x300)=$5,600

RealGDPinYear3=($10x180)+($12x275)=$5,100

F.TheGDPDeflator

1.DefinitionofGDPdeflator:ameasureofthepricelevelcalculatedasthe

ratioofnominalGDPtorealGDPtimes100.

re,r.NominalGDP

GDPdeflator=x100

RealGDP

2.ExampleCalculations

GDPDeflatorfor2008=($200/$200)x100=100.

GDPDeflatorfor2009=($600/S350)x100=171.

GDPDeflatorfor2010=($1200/$500)x100=240.

MakesurethatyoupointoutthatnominalGDPandrealGDPwillbeequalinthebase

year.ThisimpliesthattheGDPdeflatorforthebaseyearwillalwaysbeequalto100.

G.CaseStudy:Rea!GDPoverRecentHistory

Fiaure2

1.Figure2showsquarterlydataonrealGDPfortheUnitedStatessince1965.

2.WecanseethatrealGDPhasincreasedovertime.

3.WecanalsoseethattherearetimeswhenrealGDPdeclines.Theseperiodsare

calledrecessions.

VI.IsGDPaGoodMeasureofEconomicWell-Being?

Getstudentsinvolvedinadiscussionofthemeritsandproblemsinvolvedwithusing

GDPasameasureofwell-being.Studentsareoftenasinterestedinwhatisnotincluded

inGDPastheyareinwhatisincluded.Havethestudentsbreakintosmallgroupsandlist

thethingsthatmightbemissingifweuseGDPasameasureofwell-being.Then,have

eachgroupreporttheirresultsandsummarizethemontheboard.

A.GDPmeasuresbothaneconomy'stotalincomeanditstotalexpenditureongoodsand

services.

B.GDPperpersontellsustheincomeandexpenditureleveloftheaveragepersoninthe

economy.

C.GDP,however,maynotbeaverygoodmeasureoftheeconomicwell-beingofan

individual.

1.GDPomitsimportantfactorsinthequalityoflifeincludingleisure,thequalityofthe

environment,andthevalueofgoodsproducedbutnotsoldinformalmarkets.

2.GDPalsosaysnothingaboutthedistributionofincome.

3.However,ahigherGDPdoeshelpusachieveagoodlife.NationswithlargerGDP

generallyhavebettereducationandbetterhealthcare.

D.IntheNews:TheUndergroundEconomy

1.ThemeasurementofGDPmissesmanytransactionsthattakeplaceinthe

undergroundeconomy.

2.ThisarticlecomparestheundergroundeconomiesoftheUnitedStatesandseveral

othercountries.

E.CaseStudy:InternationalDifferencesinGDPandtheQualityofLife

Table3

1.Table3showsrealGDPperperson,lifeexpectancy,adultliteracyrates,and

Internetusagefor12countries.

2.Inrichcountries,lifeexpectancyishigherandadultliteracyandInternetusage

ratesarealsohigh.

3.Inpoorcountries,peopletypicallyliveonlyintotheir50s,onlyabouthalfofthe

adultpopulationisliterate,andInternetusageisveryrare.

Activity1―GDPandWell-Being

Type:In-classdemonstration

Topics:PercapitaGDP

Materialsneeded:None

Time:15minutes

Classlimitations:Worksinanysizeclass

Purpose

ThisactivityexaminestheusefulnessandlimitsofmeasuresofGDP.Studentsoftenhave

difficultyacceptingtheuseofGDPasaproxyforwell-being.PercapitaGDPdoesnotdirectly

measurewell-beingbutitishighlycorrelatedwithdirectmeasures.Makingthiscorrelation

explicithelpsstudentsunderstandtheemphasisonGDPinmacroeconomics.

Instructions

Askstudentsthefollowingquestions.Discusseachbeforemovingtothenextquestion.

1.IfGDPisagoodmeasureofwell-being,whyisSwitzerland'sGDPsomuchlowerthan

India'sGDPorChina'sGDP?

2.Whatmeasureswouldbebettertocomparethewell-beingofdifferentcountries?

3.HowdoyouexpectthesedirectmeasurestocorrelatewithpercapitaGDP?

CommonAnswersandPointsforDiscussion

1.GDPitselftellsverylittle;Switzerland'sGDPismuchlowerthanthatofIndiaorChina,yet

Swisscitizenshaveoneofthehigheststandardsoflivingintheworld.Thedifference,of

course,ispopulation.Switzerlandisasmallcountry,soitsGDPisrelativelysmall,despite

itswealth.TheappropriatecomparisonispercapitaGDP.

Amoreinterestingquestionis''IspercapitaGDPagoodmeasureofwell-being?"Or

wordedanotherway:''Whatconstituteswell-being?"

2.Well-beinacanbemeasureddirectlvinavarietyofwavs.Studentsoftensuaaestthese:

E.FYI:WhoWinsattheOlympics?

1.WhentheOlympicsend,commentatorsusethenumberofmedalseachnation

takesasameasureofsuccess.

2.InstudyingthedeterminantsofsuccessattheOlympics,twoeconomistshave

foundthattheleveloftotalGDPmatters.Itdoesnotmatterifthehightotalcomes

fromahighlevelofGDPperpersonorfromalargepopulation.

3.InadditiontoGDP,twootherfactorsinfluencethenumberofmedalswon.

a.Thehostcountryusuallyearnsextramedals.

b.TheformercommunistcountriesofEasternEuropeearnmoremedalsthan

othercountrieswithsimilarlevelsofGDP.

SOLUTIONSTOTEXTPROBLEMS:

QuickQuizzes:

1.Grossdomesticproductmeasurestwothingsatonce:(1)thetotalincomeof

everyoneintheeconomyand(2)thetotalexpenditureontheeconomy'soutputof

finalgoodsandservices.Itcanmeasurebothofthesethingsatoncebecauseall

expenditureintheeconomyendsupassomeone'sincome.

2.TheproductionofapoundofcaviarcontributesmoretoGDPthantheproduction

ofapoundofhamburgerbecausethecontributiontoGDPismeasuredbymarket

valueandthepriceofapoundofcaviarismuchhigherthanthepriceofapoundof

hamburger.

3.Thefourcomponentsofexpenditureare:(1)consumption;(2)investment;(3)

governmentpurchases;and(4)netexports.Thelargestcomponentis

consumption,whichaccountsformorethantwo-thirdsoftotalexpenditure.

4.RealGDPistheproductionofgoodsandservicesvaluedatconstantprices.

NominalGDPistheproductionofgoodsandservicesvaluedatcurrentprices.Real

GDPisabettermeasureofeconomicwell-beingbecausechangesinrealGDP

reflectchangesintheamountofoutputbeingproduced.Thus,ariseinrealGDP

meanspeoplehaveproducedmoregoodsandservices,butariseinnominalGDP

couldoccureitherbecauseofincreasedproductionorbecauseofhigherprices.

5.AlthoughGDPisnotaperfectmeasureofwell-being,policymakersshouldcare

aboutitbecausealargerGDPmeansthatanationcanaffordbetterhealthcare,

bettereducationalsystems,andmoreofthematerialnecessitiesoflife.

QuestionsforReview:

1.Aneconomy'sincomemustequalitsexpenditure,becauseeverytransactionhasa

buyerandaseller.Thus,expenditurebybuyersmustequalincomebysellers.

2.TheproductionofaluxurycarcontributesmoretoGDPthantheproductionofan

economycarbecausetheluxurycarhasahighermarketvalue.

3.ThecontributiontoGDPis$3,themarketvalueofthebread,whichisthefinal

goodthatissold.

4.ThesaleofusedrecordsdoesnotaffectGDPatallbecauseitinvolvesnocurrent

production.

5.ThefourcomponentsofGDPareconsumption,suchasthepurchaseofamusicCD;

investment,suchasthepurchaseofacomputerbyabusiness;government

purchases,suchasanorderformilitaryaircraft;andnetexports,suchasthesale

ofAmericanwheattoRussia.(Manyotherexamplesarepossible.)

6.EconomistsuserealGDPratherthannominalGDPtogaugeeconomicwell-being

becauserealGDPisnotaffectedbychangesinprices,soitreflectsonlychangesin

theamountsbeingproduced.YoucannotdetermineifariseinnominalGDPhas

beencausedbyincreasedproductionorhigherprices.

7.

YearNominalGDPRealGDPGDPDeflator

2010100X$2=$200100X$2=$200($200/$200)X100=100

2011200X$3=$600200X$2=$400(S600/S400)X100=150

ThepercentagechangeinnominalGDPis(600-200)/200x100=200%,The

percentagechangeinrealGDPis(400-200)/200x100=100%.Thepercentagechange

inthedeflatoris(150-100)/100x100=50%.

8.ItisdesirableforacountrytohavealargeGDPbecausepeoplecouldenjoymore

goodsandservices.ButGDPisnottheonlyimportantmeasureofwell-being.For

example,lawsthatrestrictpollutioncauseGDPtobelower.Iflawsagainst

pollutionwereeliminated,GDPwouldbehigherbutthepollutionmightmakeus

worseoff.Or,forexample,anearthquakewouldraiseGDP,asexpenditureson

cleanup,repair,andrebuildingincrease.Butanearthquakeisanundesirableevent

thatlowersourwelfare.

ProblemsandApplications

1.a.Consumptionincreasesbecausearefrigeratorisagoodpurchasedbya

household.

温馨提示

  • 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
  • 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
  • 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
  • 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
  • 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
  • 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
  • 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。

评论

0/150

提交评论