Explain how each of the following events is likely to affect GDP. Do you think GDP...
Explain how each of the following events is likely to affect GDP. Do you think GDP accurately reflects the overall
economic activity in each case? Why or why not?
Part (a): A hurricane in Ontario forces all businesses to shut down for a month.
Part (b): Fathers around the country reduce their workweeks to spend more time with their children.
Homework Answers
a) Shut-down of all businesses for a month decreases economic activity and exchange. Economic production decreases and income generation is hampered. Consumption and Investment will decrease. As these two are important components of GDP, this will adversely affect the GDP. GDP will decrease.
b) If fathers around the country reduces their workweeks then the amount of producion in the economy decreases. This affects GDP negatively and GDP decreases.
GDP does not reflect the overall economic activity correctly. It only considers activities that are valued at the market. However, services at home should also be reflected in GDP, which is not the case.
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