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Ten Principles of Economics and the Data of Macroeconomics
Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thoughts and principles.
Explain the following information in your report to members of the strategic planning committee:
• How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources
• Using the circular flow model, explain the flow of money and goods in an economy.
• How the economy coordinates society's independent economic actors
• A country's gross domestic product (GDP) and how it is defined and calculated
• How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living?
Keynes is famous for saying: "In the long run we are all dead". How long is the long run? How long are you willing to wait for inflation to ease or for unemployment to improve?
Although all appliances are given a unique serial number when manufactured, until this year Armonco had no capability of determining how often any appliance was brought to an authorized service facility.
In the limit pricing payoff matrix, Coa can choose a given row of outcomes by offering a limit price or monopoly price. Choose a given column of outcomes by choosing to offer a limit price or monopoly price.
What is a widespread panic in which many people try to redeem their paper money at the same time?
If 85 million adults are not working what is the unemployment rate?
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
Recently, the price of honey has risen. This must mean that the demand for honey has risen, maybe because more people are aware of the benefits of eating honey.
Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.
changes in monetary policyprepare a analysis by answering the questions below. be sure to cite your references using
1. Suppose there are two types of food, meat and bread. Draw indifference curves for the following consumers. (LO3) a. Ed likes variety and prefers to eat meat and bread together.
In the late 1960s, Milton Friedman and Edmund Phelps argued that there was not a structural relationship between inflation and unemployment rates. In particular, the trade off could only exist in the short -run.
When a man retires, he invests $20,000 in a bank, interest at 8% per annum of the amount to his credit to be added at the end of each year. When the interest for each year has been added,
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