Which Variable is Commonly Used to Determine a Country's Standard of living - Report Writing Economics Assignment Help

Assignment Task

Questions

1. The GapMinder visualization tool to compare the three pairs of countries is provided in the following table:

Use 2013 as your reference year.

(a)(i) Which variable is commonly used to determine a country's standard of living? Justify your choice of variable.
(ii) From the table above, determine which country from each pair had the highest standard of living in 2013. Copy the table below into your presentation and use it to outline your findings. (You will need to insert the name of the variable you chose to use, as well as its value in each case).

(b)(i) Which variable is commonly used to determine the size of a country's economy? Justify your choice of variable.
(ii) Determine which country from each pair had the bigger economy in 2013. Copy the table below into your presentation and use it to outline your findings.

(c)Compare your findings from Question 1, parts (a) and (b). Does a bigger economy always imply a higher standard of living for a country? Explain with reference to the three pairs of countries. (Your answer must include an explanation of the relationship between the variables you have chosen to determine the size of the economy and the standard of living.)

(d) (i) Now, using 2019 as the reference year, recreate the standard of living comparisons from Question 1, part (a). Outline your findings in a table.

( i) Do you believe that the standard of living in all six countries has increased from 2013 to 2019? Why or why not?

2. For this question open and navigate to the ranking table. You will also use the same three pairs of countries as given in Question 1.

(a)Use the "search in table' feature in the HDR ranking to determine which country from each pair has the higher standard of living as measured by the HDR in 2019.

(b)Compare your results with the findings you had in Question 1, part (d) for 2019. Explain why there is a difference if any?

(c)Drawing from your comparisons above, briefly explain how a country could improve the standard of living of its citizens over time?

3. COVID-19 is having a significant economic impact on countries around the world forcing National and State governments to implement restrictions and border controls.

(a)Explain the likely effect of easing COVID-19 restrictions and border controls on the standard of living in Australia.

(b)Part of the NSW government's policy response to reduce the economic impact of COVID-19 lockdowns, is to reintroduce the Dine and Entertainment Voucher Scheme to support small business operators.

(i) Explain how the reintroduction of this program in October 2021 may affect the standard of living in Australia.
(ii) Assess the reintroduction of the NSW Dine and Entertainment Voucher Scheme in terms of Pareto efficiency and fairness. Explain your answer.

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