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Analysis by answering the questions below. Be sure to cite your references using APA format.
1. What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?
2. What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?
3. What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?
4. Does GDP measure the well-being of society? Why or why not?
5. What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?
Suppose that there are two goods in the economy, and the price of each good is equal to 1. When Alice has income of $10, She consumes 1 unit of good y and 9 units of good r.
Very important information regarding calculating the income elasticity of demand
Using the exchange rates and prices in the tables above:
Illustrate what firm dominates the beer industry. What demand and supply factors have contributed to fewness in the industry.
A potential control for managing risk of employee fraud is to send employees on mandatory vacations. Describe the relation of that control with payroll function.
Assume you are given the following information about a particular industry, Determine the equilibrium price, the equilibrium quantity, output supplied by the firm, and the profit of each firm.
Compute the gain from trade but you should discuss how comparative advantage is used.
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
Interior Department currently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues.
Explain why is it that a firm in a perfectly competitive market can sell as much as it wants without a change in price occurring? As a result, what is the elasticity of demand affecting the firm then.
Describe why the understatement of inventory by 66,000 at then end of 2004 results in an understatement of equity by same amount in that year.
If the demand for a domestic currency decreases in a nation using a fixed exchange rate system, what must the central bank do to keep the currency value steady.
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