14 May CONSIDER WHETHER EACH OF THE FOLLOWING EVENTS IS LI KELY TO INCREASE OR DECREASE REAL GDP.
Consider whether each of the following events is li
kely to increase or decrease real GDP.
In each case, do you think the well-being of the av
erage person in society most likely
changes in the same direction as real GDP? Why or
why not? (14 marks)
a.
A hurricane in Florida forces Disney World to shut
down for a month.
b.
The discovery of a new, easy-to-grow strain of whea
t increases farm harvests.
c.
Increased hostility between unions and management s
parks a rash of strikes.
d.
Firms throughout the economy experience falling dem
and, causing them to lay off
workers.
e.
Parliament passes new environmental laws that prohi
bit firms from using
production methods that emit large quantities of po
llution.
f.
More high school students drop out of school to tak
e jobs mowing lawns.
g.
Fathers around the country reduce their workweeks t
o spend more time with their
children.
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