Do prices tend to become more or less flexible

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Question 1. Why is there a trade-off between the amount of consumption that people can enjoy today and the amount of consumption that they can enjoy in the future? Why can't people enjoy more of both? How does saving relate to investment and thus to economic growth? What role do banks and other financial institutions play in aiding the growth process?

Question 2. Do prices tend to become more or less flexible as time passes? If there is a trend, how does it affect macroeconomists' choice of models?

Question 3. Why do national income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production? What problem is posed by any comparison over time of the market values of various total outputs? How is this problem resolved?

Question 4. Contrast the ideas of nominal GDP and real GDP. Why is one more reliable than the other for comparing changes in the standard of living over a series of years? What is the GDP price index and what is its role in differentiating nominal GDP and real GDP?

Question 5. How is economic growth measured? Why is economic growth important? Why could the difference between a 2.5 percent and a 3 percent annual growth rate be of great significance over several decades?

Question 6. Relate each of the following to the recent increase in the trend rate of productivity growth: a. Information technology b. Increasing returns c. Network effects d. Global competition

Reference no: EM133497314

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