ECON 201: Fall 2020 Online Assignment 1 Due: 18-11-2020 5.00 PM Name: Instructions: Please type your answers and provide references when necessary. GDP is defined as the market value of all final goods and services produced within a country in a given period of time. Market values are estimated based on price. However, in Kuwait, in people produce and sell goods using social media marketing like Instagram. Critically evaluate how do the social media marketing activities affect nominal and real GDP, standard of living and residence happiness in Kuwait? Sri Lanka is an island and relatively a poor (Miskeen) country. Yet, it has plenty of natural and/or environmental resources (beaches, forest and mountains) and very good climatic condition. GDP fails to take account the value of environmental resources, yet people use and benefit from it. How, one can assess the contribution of the environmental resources in an economy? Iran is considered to be a closed economy. Can the GDP deflator use to measure the inflation in Iran? In the CPI estimation, the basket of goods and services that are consumed by an average family is kept constant. Why, it is necessary to change the based time to time?
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