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Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.
GDP is really a measure of an economy's output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standards.
Do you think GDP is the best measure of living standard? Why? Why not?
What would the annual percentage rate be if the city plans to make an interest payment of $2 million?
What is the rationale for discounting when you calculate the cost and benefits of government programs and amortize an investment of $50,000 for a three-year period at an interest rate of 7%
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Read "Read-Only Participants: A Case for Student Communication in Online Classes" by Nagel, Blignaut, and Cronje.
Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their pricing.
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Calculate the fractions of this population who will suffer from disease A in the last four age intervals and discuss what information, in addition to that provided below, you would need in order to decide which of these measures would be worthwhile.
For this assignment, you should use the information in the textbook and the information found on the official government website:
Define the economic principle of opportunity cost and locate current GDP expenditures and express the percentages in a graph or a chart.
table 1 is provided as a reference for input values for your model.nbsptable 1. input variable for scenario
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