Consider how each of the following events is likely to affect real GDP. Do you think the change in real GDP reflects a similar change in economic well-being?
a) A blizzard in the Northeast forces everyone to stay home for a week.
b) The discovery of a new easy-to-grow strain of wheat increases farm harvests.
c) Increased hostility between unions and management sparks a rash of strikes.
d) Firms throughout the economy experience falling demand, causing them to lay off workers.
e) Congress passes new environmental laws that prohibit firms from using production methods that emit large quantities of pollution.
f) More high-school students drop out of school to take jobs in the fast-food sector.
g) Fathers around the country reduce their work-weeks to spend more time with their children.