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Product / Base year (year 1) / Price in the base year / Price in the base year 2 / Price in year 3Pizza / 25 / $2.50 / $3.13 / $3.75T- Shirts / 2 / $20.00 / $18.00 / $20.00Rent / 1 / $300.00 / $330.00 / $360.00
1. The inflation rate between year 1 and year 2 is {___}% (round both answers to one decimal place.)
2. The inflation rate between year 2 and year 3 is {__}%.
Illustrate what is the gain for a nation that results from specialization in the production of products for which there is a comparative advantage.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of d..
Debate 20.1 explores a case for which eco-labeling was used to skirt WTO rulings that force countries to treat products as equal even if the production process violates an environmental rule in the importing countries.
Do you think business cycles would exist, or be as severe, if these economic statistics were not reported on a regular basis or at all? Why or why not?
Discuss at least 3 reasons why and how workers become unemployed (be specific about causes), and also cite 3 reasons unemployed workers finally land new jobs or get rehired.
Calculate the percent misalignment (in log terms) for China, Venezuela, Switzerland, Norway, using Purchasing Power Parity, using the US as benchmark
For each of the event listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity.
What are the intercepts on the X-axis and the Y- axis for these two equations? Draw the graph of the two straight lines, and show graphically the graph of what you get when you add these two straight lines horizontally
Briefly explain the economic relationship between China and Singapore, The benefits Singapore gained from the China rapid economic growth
What is the saving function? What is the marginal propensity to save and what is the aggregate expenditure function? What is autonomous expenditure? What is the marginal propensity to withdraw?
The Corruption Perceptions Index (CPI) is a comparative assessment of a country's integrity performance, along with related academic research on corruption. Provide a description of this index and its ranking.
The classical approach to macroeconomics assumes that A) wages, but not prices, adjust quickly to balance quantities supplied and demanded in markets.
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