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Name the largest budget deficit country In 2009 Greece was eurozone country with largest budget deficit (about 16.0% of GDP), while Finland was the country with the smallest bu
Define the points of individual choices makes and interact. A. How individuals make choices: • Scarcity • Opportunity cost • Trade-offs • Marginal analysis B. Ho
Explain why we cannot measure the national product simply by adding up the production of all firms. Why do the economists use real GDP rather than nominal GDP to gauge economic
use a numerical example to illustrate how credit multiplier works
Classify each good as a final good or intermediate good. (briefly explain wach choice) 1. running shoes 2. cotton fibers 3. watches 4. textbooks 5. coal 6. sunscr
Explain how inflation unemployment trade-off is not feasible under adaptive expectation.MEC002
production function
process to calculate gross domestic product We just include finished goods and services - which is, anything that is sold directly to consumer. Electric power sold to a steel m
Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) Explain and illustrate the economy adjustment (in the medium run) b) E
what is stagflation
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