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Explain the differences between Real GDP and Real GDP per capita. In your opinion which is a more accurate measure of standard of living, why? Consider the following values and use them to justify your answer. Real GDP Population China 14.72 trillion USD 1.402 billion Canada 1.643 trillion USD 38.01 million Chile 252.9 billion USD 19.12 million
Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of in..
Output is produced according to Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then the cost minimizing combination of K and L capable of producing 32 units o..
A group living in the United States in 2004 consisted of fifteen households with no elderly members. There were five single individuals living separately from each other (less than 65 years old). What percentage of these households were poor? What wa..
Identify whether each of the following is a flow variable or a stock variable. The total value of all of a company's outstanding bonds. The number of Canadian immigrants living in the United States. Data on recent interest rates can be a good indicat..
ALS ( labor hrs per unit to produce sausage) = 1 hr per pound. Find hourly wage rate of Home's economy.
If the demand for a commodity is elastic, an increase in the price of the commodity. Assume the cross price elasticity of demand for products A and B is positive. Then, the products must be
Suppose you are invested in an (excellent) account that pays 50% interest per year, paid monthly. The account is closed to new investment, so you cannot
In the 1997-99 period many self-proclaimed economists claimed that the Phillips Curve was finally dead. Apparently, the “old macro rules” didn't work anymore, possibly because the “new economy” had arrived. Think about the third equation in the model..
When you are traveling, how would you describe your decision-making process based on the information from the course?
What is more efficient: a market incentive program or a regulatory program? Why?
With your words, provide a description of classes, methods and properties. In your description, be sure to provide at least one example for each class
Why do central banks conduct inflation targeting (IT) as a policy framework? Discuss some of the advantages and potential disadvantages of a central bank
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