1) People typically measure economic development, well- being, and national welfare by per capita real GNP. Give three r

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1 People Typically Measure Economic Development Well Being And National Welfare By Per Capita Real Gnp Give Three R 1 (69.38 KiB) Viewed 10 times

1) People typically measure economic development, well- being, and national welfare by per capita real GNP. Give three reasons and provide arguments as to why per capita real GNP might be a poor measure of welfare. Support your arguments with examples where appropriate. 2) Use the Ricardian model to evaluate the following statements: a) Developed countries have nothing to gain by trading with developing countries. b) Developed countries get all of the gains from trade when they trade with developing countries because they can dictate their prices to these countries. c) The United States can no longer compete in world markets because American wages are too high. 3) Comment on the following statement: "The world's poorest countries cannot find anything to export. There is no resource that is abundant--certainly not capital nor land, and in small poor nations not even labor is abundant."