1-Why is COVID 19 vaccine a good that has positive externalities? Explain two strategies the government can pursue in regards to a good with positive externality.
2-Why is it necessary to calculate real GDP?
3-Although GDP is one of the most comprehensive measures of the economy, it is not a reliable measure of economic welfare. Provide four (4) reasons why.
4-Assume a newspaper article stated, "The rise in the consumer price index of 2.5 percent has increased the cost of living of an average Australian by 2.5 percent". Is this an accurate conclusion? Explain.
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