Economics Assignment: GPI as a measure of standard of living, Corporation Tax cut effect on Australia's economy, and Tariff imposition impact on imports

Running head: ECONOMICS ASSIGNMENT
Economics Assignment
Name of the Student
Name of the University
Author Note

1ECONOMICS ASSIGNMENT
Table of Contents
Answer 1....................................................................................................................................2
Answer 2....................................................................................................................................3
Answer 3....................................................................................................................................5
References..................................................................................................................................7

2ECONOMICS ASSIGNMENT
Answer 1
Thesis Statement: Using Genuine Progress Indicator as a measure of standard of living in
Vanuatu can have its own advantages as well as limitations.
The Genuine Progress Indicator is a much wider and more comprehensive indicator,
which has been developed as an upgradation over the standard indicator of economic well-
being, the Gross Domestic Product of the countries (Kubiszewski et al. 2013). The GPI
considers not only economic aspect but also the social and the environmental aspects which
contribute to the overall quality of life of the populations in a region, both positively as well
as negatively. The factors which are considered in this indicator can be seen to be as follows:
Figure 1: Components of the Genuine Progress Indicator
(Source: Bagstad and Shammin 2012)
Adequacy of GPI- The GPI takes into consideration the economic factors like
underemployment, net capital investment, income inequality and personal expenditures. It