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1. Why does inflation make nominal GDP a poor measure of the increase in total production from one to the next? How does the U.S' BEA deal with the problem inflation causes with nominal GDP?
2. Briefly explain whether you agree or disagree with the following statements.
a. "Whenever real GDP declines, nominal GDP must also decline."
b. "If a recession is so severe that the price level declines, then we know that both real and nominal GDP must decline."
3. Why is GDP an imperfect measure of economic well-being? What types of production does GDP not measure? Even if GDP included these types of production, why would it still be an imperfect measure of economic well-being?with this said this means that the GDP DOES NOT include: In the video Beyond GDP whose link is given in the GDP module, what natural resource do they discuss and how do they think it should fit into measurement of an economy? (5 pts
scope of microeconomics
Duopolist P=20-0.1Q where Q=QA+QB CA=QA CB=0.1QB2
If at point A sacks of rice is 205 and sacks of corn is 0. What is the decrease in rice production?
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
Clearly explain the distinction between supply, demand and equilibrium price.
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
Ask question how do I find the Price
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in nominal aggregate demand. Simply, is can be view
What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?
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