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Macroeconomics: GDP, Unemployment, Inflation, and Circular Flow
Prepare a 700 word paper in which you define the following terms:
a. Gross Domestic Product (GDP)
b. Real GDP
c. Unemployment rate
d. Inflation rate
e. Interest rate
In your paper, explain how the circular flow diagram illustrates the interaction of households, government, and business. Also, describe how current economic conditions are effecting your organization or one which you are familiar. Identify the most important economic indicator affecting your organization and explain why.
Illustrate recommendations would you make to Congress and the President for the management of fiscal policy.
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
High Mark Industries sells solar water heaters to households interested in lower energy bills and sustainable energy.
Optimal consumption. The following Table describes the demand for tickets to the opera, during the two=-week season.
The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labour force was 141.8 million, and the total number of employed was 135.1 million. Calculate the following:
Recently, a troubled bank borrowed $800 million from the Federal Reserve. Describe the impact this event had on the monetary base.
Given the Demand curve for flyswatters Q = 500-50P, estimate the quantity demanded for the following prices.
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
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