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A large part of the agricultural sector in developing countries is subsistence farming, in which much of the food that is produced is consumed by the farmer and the farmer's family. Discuss the implications of this fact for the measurement of GDP in poor countries. According to the U.S. Census Bureau, nominal income for the typical family of four in the United States (median income) was $23,618 in 1985, $34,076 in 1995, $46,326 in 2005, and $49,276 in 2010.
In purchasing power terms, how did family income compare in each of those four years? You will need to know that the CPI (multiplied by 100, 1982-1984 5 100) was 107.6 in 1985, 152.4 in 1995, 195.3 in 2005, and 218.1 in 2010.
In general terms, how would your answer be affected if the Boskin Commission's conclusions about the CPI were confirmed?
What do Tom's indifference curves relating Hamburgers (horizontal axis) to Hot-dogs (vertical axis) look like Graph and explain the shape of your indifference curves. Do these indifference curve imply that Tom will only eat hamburgers
Next, consider operational issues in the U.S. market and analyze the complexities of one of these following issues: Production strategies and Accessing physical resources and managing inventory.
The truth is out there. Echoed many times, the proposition that the truth is out there contains great weight when pondering whether there is or is not an absolute truth in the universe. Discuss the following points:
Discuss the "baby boom" population structure in the U.S. (What IS the baby boom generation? What is their age range?) What "S.P.E.E.C.H." situations probably led to this population boom in the U.S.?
Assume an economy in long-run equilibrium. If there is a rise in the stock market that increases the value of stocks held by households, which of the following will be true?
A "product" is best described as: A) A purely physical entity. B) An image in the mind of the consumer. C) A need satisfying offering of a firm. D) An intangible service. 2._____ means a product's ability to satisfy a customer's needs or requirements..
Explain how macroeconomic factors affect health care costs - What is currently the major difference between the U.S. health care system and the Canadian health care system?
A gift tax paid on completed lifetime transfers is excluded from the gross estate.
"Suppose that over the last decade the consumption of chicken has increased. This means that the demand curve for chicken must have shifted to the right, maybe because people have become more health conscious and switched from red meat to chicken...
Some believe that the federal government has much influence on the country's economy when implementing fiscal and monetary policies. Do you agree that this is true? Why?
Explain elasticity of demand. Please present a simple example of this property.
Why is economic growth difficult for some countries - Aggregate production function - Effective at stimulating the economy through increases in government spending and money supply adjustments.
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