Measuring incomes, output, and wellbeing: a. What is the primary measure of economic output across countries? And why is "market value" used? b. Explain and describe 2 other measures of economic performance and well being across countries. c. Download data on the two measures of wellbeing you described above, as well as GDP per capita. Are they correlated? Pick out two outliers from the data you have downloaded. That is, countries that do better (or worse) based on GDP per capita, but perform worse (or better) based on the other wellbeing measures you have described. d. What is the difference between GDP per capita in current $ and GDP per capita in PPP $? Why do economists bother to calculate PPP $ and why not use regular exchange rates? Briefly explain with a simple example. e. Pick a country and show GDP per capita relative to the US in local currency units, GDP per capita relative to the US in constant $, and GDP per capita relative to the US in PPP $. Explain the adjustments needed for each step, and why you carry out the adjustments. In which country are goods and services more expensive based on your findings?