Q1. Elucidate how do the GDP per capitals change after accounting for price indices? Explain why is it significant to use price index adjustments?
Elucidate how price index adjusts your nominal income?
Q2. Use the tools of economic analysis to support your answers.
1st recognize the taxes you currently pay. What do you think you pay your fair share of taxes? Why or why not? How would you conclude the notion of "fair share"?
2nd use your favorite search engine to examine the GDP annual growth rate of three countries. Which country has the major growth rate? Would you live in the country with the highest growth rate? Why or why not? Be specific.