What difficulties arise when trying to compare two countries’ standards of living using their respective GDPs?

DISCUSSION QUESTIONS: (Please provide a reference and In-text citations and at least 150 word court for each)

Reference: Mankiw, N. Gregory (2015). Principles of Macroeconomics (7th ed.). Stamford, CT: Cengage Learning.

Principles of Macroeconomics, Ch. 5: Elasticity and Its Application

Question 1:

Suppose a city has a fixed quantity of lakeside property. Each lot is one acre and cannot be subdivided. How does this affect the price elasticity of supply for lakeside lots?

Question 2:

A country has a fixed quantity of a nonrenewable resource. The resource is consumed when used in production processes and cannot be renewed. The resource can be extracted and used over many years (this makes it different from (1), where lakeside lots are not consumed). How does this affect the price elasticity of supply for the resource today?

Principles of Macroeconomics, Ch. 6: Supply, Demand, and Government Policies

President Nixon imposed price controls on gasoline. How did this affect the ability of gasoline prices to ration the consumption and production of gasoline? What alternative rationing mechanisms arose due to the price controls?

Principles of Macroeconomics, Ch. 10: Measuring a Nation’s Income

Question 1: What difficulties arise when trying to compare two countries’ standards of living using their respective GDPs? How can nominal GDP be adjusted to make a better comparison between countries and for the same country over time?

Question 2: Gross domestic product (GDP) is the sum of consumption spending, investment spending, government production of services, and net exports (exports minus imports). Identify a good or service for each of these five components, treating exports and imports separately.

I know its short notice but, if possible can I get these back by 4/2/2017…If not, 4/3/2017 by 5 pm est will be ok.

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