CAUSES OF INFLATION

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CAUSES OF INFLATION In the ucta ilcd analysis of inn,lIion given above, we have referred to the basic cause of in llanon, Ihat is when aggregate demand for output tends to be excessive  relation to Ole supply of output Thus.tho causes of inflation may be grouped under two headings. These causes may operate singly or in combination with one […]

CONCLUSION

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CONCLUSION This chapter has discussed how economists measure the total income of a nation. Measurement is, of course, only a starting point. Much of macroeconomics is aimed at revealing the long-run and short-run determinants of a nation’s gross domestic product. Why, for example, is GDP higher in the United States and Japan than in India and Nigeria? What […]

WHO WINS AT THE OLYMPICS

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WHO WINS AT THE OLYMPICS Every four years, the nations ~f the world compete in ‘the Olympic Games. When the games end commentators use the number of-medals a national take~home as ‘a measure of success. This measure seems very different from the GDP economists use to measure-success. It turns out, however, that this is not so Economists […]

INTERNATIOAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE

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INTERNATIONAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE One way to gauge the usefulness of GDP as a measure of economic well-being is to examine international data. Rich and poor countries have vastly different levels of GDP per person. If a large GDP leads to a higher standard of living, then we should observe GDP to […]

The Underground Economy

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The Underground Economy The gross domestic product misses many transactions that take place in the underground economy. Searching for the Hidden Economy Here is the brief, unremarkable story of how I recently “line 10 participate in till’ underground economy on the iciest day this past winter. a man knocked at my fro in root Shovel your […]

IS GDP A GOOD MEASURE OF ECONOMIC WELL BEING

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IS GDP A GOOD MEASURE OF ECONOMIC WELL BEING Earlier in this chapter, GDP was called the best single measure of the economic well-being of a society. Now that we know what GDP is, we can evaluate this claim As we have seen, GDP measures both the economy’s total income and the economy’s total expenditure on goods […]

GDP Lightens Up

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GDP Lightens Up GDP measures the value of the economy’s output of goods and services.What do you think we would learn if, instead, we measured the weight of the economy’s output? From Greenspan, a (Truly)Weighty Idea Having weighed the evidence carefully, Federal Reserve Chairman Alan Greenspan wants you to know that the U.S. economy is getting […]