Q.1)Is the Gross Domestic Product (GDP) concept a good measure of wellbeing (welfare)? Compare the welfare of any two countries using GDP per capital and the United Nation’s Human Development Index...

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Q.1)Is the Gross Domestic Product (GDP) concept a good measure of wellbeing (welfare)? Compare the welfare of any two countries using GDP per capital and the United Nation’s Human Development Index (HDI)

Q.2)Explain Keynes’ view on the stability of the market economy. How realistic is this assessment? Use the example of any three countries to highlight your answer.

Q.3)Explain the theory of comparative advantage. List the assumptions of this theory. How realistic are these assumptions? Your answer should assess any four (4) of these assumptions. Briefly explain the implications for international trade of your assessment of these assumptions?

Answered 1 days AfterMay 02, 2021

Solution

Komalavalli answered on May 03 2021
27 Votes
Question 1
GDP has always been a production measure, not a welfare measure. The value of finalized consumer products and services, private and public, present and future, is measured at existing...
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