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Time for tasty homeworkIs your assignment properly saved as yourlastname.docx?For questions 1-2, Read the “In the News” column on in 10-5 pp. 202-203 of your textbook entitled “No Sex, Please, We’re French.”1. Why are several European countries like Spain, Italy, and the U.K. now including illegal activities like prostitution and drugs in their GDP calculations? (4 points)
2. What is the French reason for not including these transactions in their GDP calculations, and why do you agree or disagree with this reasoning. (8 points)
3. A fallacy is a mistaken idea. In my notes I discuss the Broken Window Fallacy. Explain in a paragraph of at least 3 sentences what it is and why it is a fallacy. (6 points) 12
4. Near the end of my notes and Mankiw’s chapter, in 10-5 on pp. 202-203, a quote about GDP from Robert Kennedy is discussed. I also include a link to a youtube video that has the audio of that speech. Here it is again.https://www.youtube.com/watch?v=77IdKFqXbUYPro-Tip: if a link like that ever does not work, try it on anther device. You can also gather from my question you could search “Robert Kennedy GDP speech” and find many alternative versions of the link I provided. All the blue links in my notes can be accessed directly with Ctrl + click. In a paragraph of at least 4 sentences, give me one reaction you have to that quote – either something supportive or perhaps a critique of Kennedy’s statement. (8 points)Here is an article on several measures of well-being that are being experimented with as alternatives to the GDP statistic.https://ethical.net/politics/gdp-alternatives-7-ways-to-measure-countries-wealth/
5. I want you to pick one of the several alternative measures discussed in that article and write me a paragraph of at least 4 sentences explaining why you chose that measure, what improvements and problems it might have over our GDP statistic, 13etc. Please don’t just summarize her pros and cons; think for yourself (6 points)
6. Given all the pros and cons we’ve discussed concerning GDP, do you think GDP Is a good measure of economic well-being?” Explain why or why not. (6 points)Here is another MRU.org video on economic growth. Watch it and then provide answers to question 11 and 12. https://mru.org/courses/principles-economics-macroeconomics/wealth-of-nations-economic-growth
7. . In the first third of the video, Alex Tabarrok discusses the importance of incentives. Describe the historical example of China he uses to illustrate the 14importance of incentives. Your description should also explain why incentives are important. (6 points)
8. In the second third of the video, Tabarrok discusses 5 institutions which allow economies to grow and prosper. Pick one of these and explain why you think it is important to promoting economic growth. (6 points)
9. In the final 3rd of the video, Tabarrok discusses ‘perhaps the most important question in development economics,’ Why do some countries have these key institutions and others do not. He then discusses 5 reasons as they apply to the United States. Pick one and explain why you think that factor was key in helping the United States become one of the world’s prosperous economies. (6 points)15
10. Reading my comments. Some students are still not aware that I provide extensive comments when I return your assignments. So I want to make sure you are aware of them. Go into any previous assignment I have returned and copy a comment I made on your assignment that you liked. Paste it in the space below. This is worth a full letter grade on this assignment. I don’t mean the short message in Canvas that says “Attached find your 3rd assignment, which I score 43/50,” I mean an actual comment I left on the Word document I returned. If you have never seen these, go into one of the old assignment folders and to find the document I have returned to you. Open it, and find a comment to paste here. Tell me why you chose that comment. (4 points)
Discussion 2: Podcast Assignment The Ezra Klein Show with Tyler Cowen. Ezra Klein and Tyler Cowen are two of the smartest observers of economic events I know. I listen to Klein’s podcast every week, and you know how fond I am of Marginal Revolution, which is cultivated by Cowen and his colleague Alex Tabarrok. Here is the Stitcher link to Klein’s recent interview of Cowen on Sept. 10th, 2021. Although you only have to listen to about 10-15 minutes of this podcast, I highly recommend you find time for more than that. I also strongly recommend you listen to it on the Stitcher link I have below, because Stitcher allows you to fast-forward much easier than most other platforms. https://www.stitcher.com/show/the-ezra-klein-show-2/episode/tyler-cowen-on-the-great-stagnations-end-86695653I’m learning you provide more meaningful written responses when I give you choices about what to post about. So listen to some of this podcast and write at least a paragraph response to two different parts of the podcast. Each of these two responses is worth 10 points, so this is worth 20 points total. Below is a guide to some of the key sections that might interest you. Note the times are approximate, and based on the non-paywall Stitcher podcast I link. If you listen to this on some other platform like Spotify or Apple Podcasts times will vary. 161. From the start of the podcast to about 9:00 min, they talk about economic growth and GDP. 2. 9:00-14:00. They discuss the importance of long-run growth. Discuss Cowen’s view of how we should care for the future and Einstein’s theory of time. 3. 14:00 to 21:30 They discuss the tension between more growth and more inequality, and the social welfare state, universal preschool, and the importance of promoting two-parent families.4. 21:30-30:00 they discuss different ways conservatives and progressives are limiting long-run growth. 5. 31:30-46:30, they discuss how technological innovation is now increasing, talking about the internet, artificial intelligence, green energy, biomedical tech, 4th generation nuclear power, virtual reality, and crypto-currency. 6. 46:30-54:30 they discuss Chinese oppression, the future of democracy, the promise of India, and future dystopias and how we might end civilization. 7. 54:30-70:00 They discuss problems with right-wing and left-wing economic thinking, polarization and our democracy, and how similar Biden and Trump policies have been. 8. 70:45 to the end they discus how you can take advantage of ideas including the ones you disagree with. Cowen gives a lot of advice here about how to develop your thinking, how to travel smarter, how to learn to like classical music, and what country is the best to travel to right now.
11. Write your two responses here. Then copy them and go into The Discussion 2 link on our Canvas page and hit the ‘reply’ button. Paste your two responses on our discussion board. (20 points total)17Make sure your assignment is properly saved as yourlastname.docx
Chapter 10 Multiple Choice QuestionsMultiple ChoiceIdentify the choice that best completes the statement or answers the question. (2 points each)____ 1. In the opinion of Greg Mankiw, Paul Krugman, Tyler Cowen and Dan Owens, GDPa. is used to monitor the performance of the overall economy and is the single best measure of a society’s economic well-being.b. is used to monitor the performance of the overall economy but is not the single best measure of a society’s economic well-being.c. is not correlated with most people’s impression of their life satisfaction in many countries.d. Has so many flaws economists are recommending we now discard it for better measures.____ 2. One reason that spending equals income for our entire economy is thata. individuals can only spend what they earn each period.b. the number of firms is equal to the number of households in an economy.c. every dollar of spending by some producer is a dollar earned by some consumer. d. every dollar of spending by some consumer producer is a dollar of earned by some producer.____ 3. In what part of GDP is the money you spend on your education included?a. investment, although it might be argued that it would fit better in consumption.b. consumption, although it might be argued that it would fit better in investment.c. government spending, based on the fact that most higher-education students attend publicly-supported colleges and universities.d. None of the above is correct; in general, household spending on services is not included in any component of GDP.____ 4. In the equation C + I + G + NX, I represents Investment expenditures, which includesa. financial assets such as stocks and bondsb. capital equipment, inventories, and structures, including household purchases of new housing.c. capital equipment, inventories, and structures, excluding household purchases of new housing.d. stocks, bonds, and other financial assets like real estate.____ 5. By far, the largest component of GDP isa. Government Spending.b. Consumption.c. Investment.d. Net Exports.18____ 6. In the economy of Happyland in 2020, consumption was $3000, exports were $400, government purchases were $850, imports were $350, and investment was $750. What was Happyland’s GDP in 2020?a. $5450b. $5350c. $4550d. $4650____ 7. According to Mankiw, how much of the United States economy does Government spending make up?a. 50 percent of GDP.b. 17 percent of GDP.c. 68 percent of GDP.d. It is impossible to say because the government does not provide the public with accurate GDP statistics.____ 8. Suppose you get a pay increase this year of 6% and our economy experiences 8% inflation this year. What is true about your nominal and your real income?a. Your nominal income went up by 6% and your real income went up by 2%.b. Your nominal income went up by 6% and your real income went down by 2%.c. Your nominal income went up by 6% and your real income went up by 14%.d. Your nominal income went up by 8% and your real income went down by 2%.____ 9. A lot of valuable household production like childcare and cleaning and cooking is not counted in GDP because it is not sold in an official market. If we counted these activities in GDP thena. GDP would be smaller. b. GDP would be larger. c. GDP would be unchanged.d. It is unclear whether counting the economic value of these activities would raise or lower GDP.____10. Which of the following valuable goods or services is included in GDP?a. the value of leisure.b. the value of goods and services produced at home.c. the quality of the environment.d. None of these is included in GDP.Make one last check to be sure your assignment is properly saved. Make sure when you submit it, you submit a document with your answers on it, and not a blank document!