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Which is a better measure of economic well-being real GDP or Nominal GDP?
Ans) Well real GDP takes into account the inflation rate and therefore is more accurate at recording the actual enhance in production activities. Thus, Real GDP is better.
Explain the concept of elasticity and describe why the supply of petrol in the short run is relatively inelastic.
An advantage of observing statistics from this range is that it encapsulates both positive and negative performances of the economy helping to produce a much more accurate insight
Collecteconomic data for three countries: Australia, China and Greece.The data is toobtainedfrom official sources as time series forthe key macroeconomic variables. These arereal G
In reference to the above question, assume you know the combination of inputs that minimizes cost. What would happen to this input combination if the price of labor increased? What
If two countries had the same initial level of real GDP per capita, and Country A grows at 2.8 percent, while Country B grows at 3.5 percent, how will their real per capita GDP lev
The _______________ illustrates the notion of opportunity cost. If an economy is fully utilizing its resources, it can produce more of one product only if it produces less of anoth
how to relate macro economics theories with current indian economy
Absolute income hypothesis
Which is better meausute of welfare?
Determination of all endogenous variables We can explain how all the endogenous variables are determined in below figure: Figure: The Keynesian model with the Phillips c
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