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Economic indicators are economic statistics that tell us how well the economy is doing. The GDP, unemployment rate, and inflation rate are the most common macroeconomic indicators. The change in the GDP tells us whether the economy is in an expansion or recession. GDP is the total value of all final goods and services manufactured in within a nation in a given year.
[A] Do you think the GDP is a good indicator of economic well being?
[B] What other factors do you think contribute to a good standard of living?
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Explain how does the timing of lay-off and hiring decisions made by firms explain the misleading characteristic of this indicator.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
Due to the slow down economy, it is expected that there will be .7 million additional workers who will lose their jobs next month. Determine the expected unemployment rate for next month?
Explain how do governments borrow funds to finance deficit spending. What is likely to happen to interest rates in the market.
The market for hog hats is competitive and demand is given through P=75-Q while supply is given by P=15+2Q. Determine the equilibrium price and quantity in this market?
British Prime Minister Lady Thatcher planned a poll tax that levied an equal amount of tax on every citizen regardless of his or her income.
Please comprise in your response, the formulas for this problem among with a detailed explanation of how it is solved, and your rationale for reaching your conclusions.
Elucidate the difference between the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
The Bureau of Labor Statistics reported and total number of unemployed workers.
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