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NATIONAL INCOME ACCOUNTING
This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass through all of the markets in the economy during the same period.
To see exactly what national income includes, how it is measured, and what it can tell us, we start with economic models: By economic models we mean:
A simplification of a real world or a practical situation aimed at explaining that situation within a set of assumptions.
Is a “perfectly competitive market” an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient
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You have opened your own word processing service. You have already bought a special computer needed for word processing and paid $5,000 for it. However, due to the cost changes in
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Benefits are: 1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership,
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Assume a floating exchange rate system. The Fed pursues an expansionary monetary policy. Draw how this would look on the graphs below. Mark the new equilibriums. Complete the table
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