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There, you can obtain the available data on GDP and its components.
a. What is the value of nominal GDP during the past 5 years?
b. What is the GDP deflator in 2006?
c. What was the value of real GDP in 2006?
d. By how much has real GDP changed over the past 5 years? Express as percentage.
e. Did real GDP increase or decrease? and what does the change tell you about the state of the economy over the past 3 years?
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
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#question.discuss the contention that the existance of a labour market is characterised by perfect competition is a fallacy.
Problem 1: (a) Define the concepts of production-oriented capitalist system and market-oriented capitalist systems. (b) With set examples, explain how these firms behave
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