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1. A rock falling on a one year old $30,000 American car and the American owner goes to an American dealership and buys a brand new $30,000 car.
2. US government buying $5000 worth of tea from UK
Explain whether the following information change the value of GDP in the US country. Then there is one other thing I need depending on your answer:
(A) If you say it increases or decreases GDP, explain why either including this item skews GDP in some way, or that it is perfectly correct to have this change affect GDP the way you describe.
(B) If you say that GDP is not affected by the information, explain whether it should be or explain why it is consistent with GDP is supposed to calculate not to include it.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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