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(a). Briefly explain the four main types of unemployment. Which one of these four can better be used to explain the massive job losses that occurred due to Covid-19 health pandemic.
(b). It has been reported that the GDP growth of the Australian economy has declined massively due to Covid-19 leading to an unprecedented GDP gap. Explain the GDP gap using a Business Cycle graph (you do not need data to draw this graph).
(c). What causes the difference between 'Real income' and 'Nominal income'? Provide a worked-out example to explain the difference between these two concepts.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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