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What is the nominal GDP today?What is the difference between nominal and real GDP?What is the largest component of GDP?What is the smallest component of GDP?What is the fastest growing component of GDP and why?
The table listed below demonstrate the quantities of product X that a producer can produce in one growing season on a 1 acre farm using different amounts of labor.
Val Hawkins borrowed $15,000 at a 14% yearly rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments.
When manufacturer decrease price for goods and services, it increase customer’s surplus and everyone standard of living. Therefore, it behooves government to impose below market value ceiling on customers goods,
Illustrate what are the benefits of free trade. Who are the winners and losers when the government imposes tariffs and quotas.
The economy will contract or shrink if leakages exceed injections. Are you agree with this statement.
Is it wrong to use the total income test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic.
Explain how do the fiscal policy changes play a role in the theory of political business cycles
Illustrate what is nominal GDP. Illustrate what is real GDP included in each.
The US at the end of World War II stood as the world's preeminent superpower, with new-found political and economic wealth. To what degree.
during the last ten years Orlando, Florida grew rapidly, with new jobs luring young people to the area. Despite increases in population and income growth that expanded demand for housing, the price of existing houses barely increased, why
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of d..
Use the utility function to answer the questions, below: (x1, x2) = exp (√(x 1 ) + √(x 2 )-Derive the Marshallian (ordinary) demand function for good1 and 2, x i *(p,l), i =1,2 . Then derive the indirect utility function (p,l).
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