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Discussion: "GDP"
Please respond to the following:
• In view of the weak economy of the last several years, explain which of the four components of GDP had, or is having, the greatest positive impact in our economy. Use the following historical tables to support your response.
o Go to the Bureau of Economic Analysis at www.bea.gov Navigate on the home page to where it states "National," then select "Gross Domestic Product". Next, select "GDP and the National Income and Product Account (NIPA) Historical Tables". The direct Web address is https://bea.gov/national/index.htm#gdp
Using your own words, define market imperfections. To support your definition, include at least two examples. Do not include the examples from the book create your own examples.
Suppose we want to compare the effect of a tax cut in the economy given in the first problem to the effect of the same size tax cut on an economy with a MPC of 0.8. If everything else about these two economies is the same (except for their MPCs),..
Elucidate three arious ways in which the Federal Reserve would change the money supply.
Your bank account pays 7% interest per year. You loan a friend $100 for one year at zero interest. Assuming the loan is paid on time the opportunity cost of the loan is....
"Religion is the sigh of the oppressed creature, the heart of a heartless world, just as it is the spirit of a spiritless situation. It is the opium of the people."
Which is a real life example of a market that is close to perfect competition. computer monopoly, an oil and gas cartel or else.
Explain her change in consumption in terms of income and substitution effects (give a precise quantitative answer). Is this a Griffin good (how do you know)?
draw an asad diagram which shows what happens if strong growth in ad has pushed actual rgdp to a level above potential
"If it were not for the law of diminishing returns, a firm's average cost and average variable cost would not increase in the short run." Do you agree? Explain.
Discuss what economic theory predicts will happen Draw a supply and demand graph illustrating the effect of a minimum wage Discuss what elasticity conditions would economic theory prove to be true or false.
Hurricane Katrina which hit the Gulf Coast region in August 2005, resulted in massive flooding which destroyed large sections of New Orleans. Suppose prior to this event, New Orleans was producing an output combination given by a point.
The unitd States alo mantains barirs against Idian imports such as textiles. Mrs. Clinton, Presidet Obama, and Anand sharma, The indian minister o commerce and inustry,say they want to dismantle these trade barriers.
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