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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?
Arise in U.S. inflation causes many U.S. residents to buy gold, which is a major South African export good, as a hedge against inflation.
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
Elucidate what determines the rate of inflation when the economy is at long-run equilibrium.
What is the effect of importing cheap manufactured goods from out country to the local manufacturers?
Given the above information, calculate the equilibrium quantity of loanable funds and the equilibrium price in this market. Show your work.
"Because of the decreasing labor force participation rate of youths and the prime age group, the overall labor force participation rate is expected to decline.
Writing a production function in terms of capital andeffective labor implies that the level of technology increases by 10%, thenumber of workers requiredto achieve the same level of output decreases by 10%.
What is the importance of gdp for investros in starting or shuttingdown an international busines?
Why the price of computers dropped as their power and features has have increased?
Illustrate what is the elasticity of demand for the product that is produced by the company.
The value of cross price elasticity of demand between goods A and B is 0.75, while the cross price elasticity of demand between goods A and C is -1.38. Characterize A & B and A & C as substitutes or complements and what are her accounting profits..
A law was passed requiring a minimum weight for fashion models. Using game theory 2X2 matrix, show how the law prevents a prisoner's dilemma and makes the models better off. Show what the game theory looks like without this law.
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