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Nominal GDP in a country was $8,759.9 billion in 2003 and $9,254.6 billion in 2004. The price index was 102.86 for 2003 and 104.37 for 2004. (a) What was the growth rate of nominal GDP between 2003 and 2004? (b) What was the inflation rate from 2003 to 2004? (c) What was the growth rate of real GDP between 2003 and 2004?
Associate a current event article which relates to government regulations or antitrust activities.
Elucidate why the U.S. would subsidize the short run cost of production for tobacco farmers in foreign countries.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
Would you rather earn a 4 % nomical or 4% real interest rate? Illustrate by describing the difference between nominal and real variables.
Elucidate that specialization and trade can move both countries beyond their production possibility frontiers.
Describe the point elasticity of demand with respect to advertisement
Because net exports are counter-cyclical, analyze how the following change during an economic expansion: Consider the case in the context of a flexible exchange rate and a fixed exchange rate.
Explain how many years would it take to reduce the unemployment rate by 3 percentage points, assuming that the current GDP growth rate will continue into the future.
Technological advance, that date has played a relatively small role in U.S. economic growth.
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
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