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Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate between "real" and "nominal" GDP. This distinction especially becomes important when it comes to comparing the size and growth of the world economies. What would be the problem if we used Nominal GDP as our measure?
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. a widget producer wishes to describe how the addition of pounds of rubber will affect its MRP and profits.
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Economists argue about the potential benefits and costs of diversification. For instance, while diversification can certainly help company to promote new products, at the same time through the merger of two firms it can be more expensive to develop c..
Why do governments raise taxes on cigarettes and alcohol to raise government revenues? What changes do you make to your demand for gasoline when the prices start to climb up? Would you want to own a business that sells price-elastic products or price..
q1. during a war the government puts pressure on producers for heavy equipment supplies and services making each more
Which plan would you recommend that the Ridpaths choose? Why? What other health coverage options should the Ridpaths consider?
If Michael is spending all of his money on these 2 snacks which he purchase more chips also less ice cream as well as purchase less chips.
Decide whether the Demand for paint is elastic, unitary elastic or inelastic. Elucidate your reasoning also interpret your results.
An ongoing approach debate concerns whether to legalize utilize of drugs such as marijuana also cocaine.
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from one mil..
Identify two examples of a paradox in health care and pair each with an imperative for change from the Summary of the IOM Report, Best Care at Lower Cost: The Path to Continuously Learning Health Care in America. Discuss a possible policy solution to..
Assuming that price elasticity of demand for this of kind candy is - 1.5, determine if the price CCS charges for its special candy is a profit-maximizing price. If it is not, what price should it charge?
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