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Part 1
Describe the following terms in your word.
Gross domestic product (GDP)
Real GDP
Nominal GDP
Unemployment rate
Inflation rate
Interest rate
Part 2
Consider the following examples of economic activities:
Purchasing of groceries
Massive layoff of employees
Decrease in taxes
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Write a 700- to 1,500-word paper summarizing the results
Explain how does the concept of dualism adequately portrays the development picture in developing countries.
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements? a. "I think you get more for your money from Nike than from Reebok." b. "I wanted to buy a Boxster rather than a Malibu, but it just w..
Assume that the level of GDP increased by $100 billion in a private closed economy where the marginal propensity to consume is 0.5. Aggregate expenditures must have increased by.
The settlement requires KopyKat to pay the employee $10,000 per month for the next year. Determine the optimal price and output for the firm under these new conditions.
Draw a set of indifference curves that would make it optimal for him to work 4 hours of overtime each day.
Explain the entities affected by industrial regulation in terms of market structure. Explain why industrial regulation affects those entities you identified.
Illustrate what are the implications of savings and population growth at steady a state in the Solow's neoclassical growth model.
Is the market for coffee perfectly competitive. Elucidate does the coffee market meet all six conditions of a perfectly competitive market.
A similar helicopter was purchased 4 years ago at a cost of 140,000$. At an interest rate of 7% per year. Illustrate what would be the equivalent value today of that 140,000$ expenditure.
We said that an uncrowned country club golf course has aspects of public good.
What is difference between contraction and expansionary monetary policy. What are pros and cons of using expansionary and contraction monetary policy tools under following scenarios.
Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of o..
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