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Measuring the Economy's Performance
Prepare a analysis by answering the questions below. Be sure to cite your references using APA format.
Based on the information contained in the textbook and on the Web site above, answer the following questions:
1. What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?
2. What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?
3. What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?
4. Does GDP measure the well-being of society? Why or why not?
5. What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?
Explain are there any present events in the news that you can directly link to concepts or theories covered so far.
A monopolist with two plants operates with a marginal revenue of 500-4Q and marginal costs of 4Q for plant 1 and 2Q for plant 2. Elucidate what are outputs at each plant to maximize profits.
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
Elucidate how would this technological change affect the price elasticity of demand for natural gas
Illustrate what most people do not realize is that what the Fed is actually doing is changing money supply (and not interest rates directly). When money supply changes, interest rates automatically adjust to keep the money market in equilibrium.
Application of Nash Equilibrium and Game Theory with examples
Illustrate what would the total price be at 99,000 miles rounded to the nearest dollar amount.
Could a labor union or a minimum salary law efficiently help to raise wages.
Explain how would you go about resolving the issue if you were the president of a small, poor country.
Realizing that the major function of benefit is to allocate resources according to consumer preferences, why are some groups in United States extremely critical of companies that earn increasing benefits
Illustrate what the government should do about it, how would each economist explain unemployment and what policies would each advocate.
What phase of business cycle is the US currently in? Explain in detail. Determine the latest GDP of the United State? How has the GDP changed since the 2007?
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