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Please describe the actions of the economic actors in the economic circular flow diagram and the physical and monetary transactions that occur in each market of circular flow diagram. What is the circular flow diagram describing?
Please explain the three different, but equivalent, ways that this diagram describes GDP.
Occasionally economist use GDP as a measure of a nation's economic strength. What is a better measure of a nation's economic strength?
An electric utility uses natural gas as fuel for a large multi-unit power plant. With all units in-service, for a given hour the plant's fixed cost is $120,000 and its variabl
The movement in the direction of a market-based system with freely determined prices, competition, profits, private ownership, and other features of capitalism is not simple.
How does a government budget surplus affect the U.S. economy? Identify two periods in recent history in which the United States has run budget surpluses. What were the reaso
The CPI for 1960 was 29.6 and the CPI for 2015 was 237. What was the average annual rate of inflation for consumer goods between 1960 and 2015? A loaf of bread sold for about
Which of the following choices explains why Japan would want to maintain a fixed exchange rate at 150 yen per U.S. dollar rather than allowing the exchange rate to fall to 120
Discuss the various elements of the communications process. Find an example of an advertising campaign being used by a company and analyze this campaign in terms of these elem
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of deman
Explain how each of the following actions will affect the level of planned investment spending and unplanned inventory investment. Assume the economy is initially in income–ex
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