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1. Contrast the ideas of nominal GDP also real GDP. Explain why there is one more reliable than the other for comparing changes in the standard of living over a sequence of years? Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP?
2. Which of the following are included or excluded in this year's GDP? In each case explain your answer.
a. An increase in leisure resulting from a 2-hour decrease in the length of the work week, along with no reduction in pay.
3. Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, by means of 2005 as base year. By what percentage did the price level, as calculated by this index, increase between 1984 and 2005? What were the amounts of real GDP in 1984 and 2005?
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
the mainstream theory of the business cycle, is the most common source of reciession: a decrease in aggregate demand, a decrease in aggregate supply, or both.
Elucidate in detail how banks operate. Include a description of how banks generate profits.
Explain the process of how that movement occurred using behaviors of consumers and suppliers. Graph the movement between the two points as well.
How many DVD's will she have to sell to keep the store open for an extra hour to make profit, if each DVD is $12.
Country Z is a developing country that is facing problems of deforestation.
Required all pharmaceutical firms to sell their drugs in a competitive market with no ability to patent their break.
Steps that a government take to ensure that sustainable development is always considered in assessing which major economic projects or investment proposals to accept
Semiconductor chips are used to store information in electronic products, such as personal computers. One of the early leaders in the production of these chips was Texas Instruments (TI).
Research where you would find the U.S. international trade policies and their history as they apply to various industries.
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
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