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Homework answers / question archive / Question 2 4 points ? Saved Jeffrey Blustein speaks more or less interchangeably of the “duty," "responsibility," "obligation," or "imperative” to remember

Question 2 4 points ? Saved Jeffrey Blustein speaks more or less interchangeably of the “duty," "responsibility," "obligation," or "imperative” to remember

Economics

Question 2 4 points ? Saved Jeffrey Blustein speaks more or less interchangeably of the “duty," "responsibility," "obligation," or "imperative” to remember. What do the terms have in common with one another? They all refer to acts that One ought to perform Are not fully morally elective and so not merely one among many morally good acts that one might choose It is wrong not to perform them O All of the above

10. Explain the two approaches to calculating a country's GDP. What are the components considered in each one? 11. Explain why GDP is not a perfect measure of economic well-being. (List the 7 factors that are not considered in calculating this one.)

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1 Option b is correct. The terms duty, responsibility, obligations or imperative refers to acts that are not fully morally elective and so not merely one among many morally good acts that one might choose.  
All other options are wrong. Because duty is to obey the moral obligations, responsibility means a sense of moral or ethical duty to do something, but obligation is simply mandate to do something, but it does not indicate any moral or ethical dimension.

Answer to Question 10 :

Gross Domestic Production or the GDP of a country is the sum total of the value of all the final goods and services produced in the economy in a year or a period of time.  

The two approaches to calculating the GDP of a country are :

i) Expenditure Approach ii) Income Approach

Expenditure Approach takes into account all the values of the purchases of final goods and services produced in the economy in a year. This includes all types of expenditure

such as - consumption expenditure, government expenditure, investment expenditure and net exports.

The formula for calculating the GDP by expenditure approach :

GDP = C + I + G + (X - M)

here, C is Consumption Expenditure on Goods and Services

I is Investment Expenditure on Capital Goods

G is Government Expenditure on Public goods and services

X is ExporM is Import

Income Approch to calculation of GDP takes into account that all of the expenditure of the country should be equal to all the income generated in the country in the production of all the goods and services. In this approach all the income is added together to find the value of the total economic activity over a period of time.

The formula for calculating GDP by Income Approach is :

GDP = TNI + T + D + NFFI

here, TNI is Total National Income which is the sum total of all the wages, rents, interests and profits

T is Sales Tax

D is depreciation

NFFI is the Net Factor Foreign Income which is difference between foreign payments to domestic citizens and domestic payments to foreign citizens

NOTE : The components of both the approaches of calculating GDP are given in their formula.

NOTE : As per our guideline, in case of multiple questions with no specification to which question has to be answered, the first is solved.