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  • Uploaded by

    Dr Anique

  • Course

    ECO100

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    1

  • Subject

    Economics

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Question

  1. What does GDP measure and what does that tell us about our country’s economic strength?
  2. Do you feel that GDP is valuable in understanding our country’s economic strength? Explain why or why not.
  3. Do you believe that there is a better measure of a country’s economic strength that we should also use (in addition to GDP)? Explain your answer. If you don’t think there is, explain why.
  4. Identify one monopoly from which you buy a good or service.
  5. Identify one oligopoly from which you buy a good or service.
  6. Identify one monopolistic competitor that you buy a good or service from.
  7. Share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer.

 

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Solution Preview

In order to understand GDP and how it reflects the economic strength, it’s important to understand the term per capita. Per capita represents the average individual’s GDP contribution. Though EU and China’s GDP appears to be similar to that of US, their population is also huge. When we divide their GDP with their population in order to 

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