sample final spring10 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that a.|goods are scarce.| b.|people face tradeoffs.| c.|income must be earned.| d.|households face many decisions.| ____ 2. Moira decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is a.|the value of the knowledge she would have
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still depends heavily on its extremely efficient agricultural sector. New Zealand is still profoundly reliant on on the primary sector with commodities accounting for half of total goods exports, and exports account for about one third of New Zealand’s GDP. The recession arose with a drought between 2007 and 2008 which led to lesser production of dairy products for the first half of 2008. Consumption and investment decelerated significantly due to high fuel and food prices, high interest rates and falling
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living standard can be determined by looking at the country GDP which stands for “gross domestic product”. Nevertheless, the focus of this discussion is on the real GDP because it measures the production of goods and services at constant prices as it is a pretty good indicator of individual material standard (Hobijn & Steindel, 2009, p. 2). Appendices A and B highlights countries with the highest and lowest GDP per capita in the world. GDP per capita gives the average amount of income that each
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for IS curve I, real GDP equals 8,800 − 25(4) − 25(4) − 25(4) − 25(4) − 20(4) − 20(4) − 20(4) − 15(4) − 15(4) − 10(4) = 8,000. For IS curve II, real GDP equals 8,400 − 5(4) − 5(4) − 5(4) − 5(4) − 10(4) − 15(4) − 15(4) − 15(4) − 20(4) = 8,000. b. For IS curve I, real GDP in the first quarter equals 8,800 − 25(3) − 25(4) − 25(4) − 25(4) − 20(4) − 20(4) − 20(4) − 15(4) − 15(4) − 10(4) = 8,025. Using the same IS curve, it is easy to show that for quarters two through ten, real GDP equals 8,050, 8,075
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2015 ahead of China. India’s GDP is forecasted to be 7.5% through 2015 and is forecasted to be 8% in FY16. This improvement can be attributed to the new government’s strong reforms RBI’s inflation focus and falling global commodity prices. GDP : 65445.9 billion Rate of growth (GDP) FY15 | 7.4% | Status of Employment | 29650 billion | India Industrial Production | 4.1% | Agricultural Sector | 18% of GDP ; 4152.28 Billion INR | Services Sector | 65% of GDP | Investment and Consumption
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Explain how an increase in federal budget deficit due to recession can stabilize the economy. A deficit means that the government spends more than it receives in tax revenues in a given year (O’Sullivan, Sheffrin, & Perez 2010, p. 374). The total deficit is spending, plus all the interest payments on top of the original debt, minus the total tax revenue (http://www.blurtit.com). There are three factors, known as automatic stabilizers, that affect and stabilize the economy
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Singapore and the United States, and is structured into five tables. Table 1 presents general differences between Singapore and the USA; it also gives information on both countries. For example, it shows the differences in land size, population, and GDP. Table 2 discusses trade relationship between Singapore and the USA. It explains the U.S. exports and imports from and to Singapore over the past five years. It also explains the key products and services that both countries export and import. Table
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to US $12.4 (-34 per cent) in 1998. During the 1970s and 1980s such a decline would have triggered a major setback. General Economic Trends 1998 According to the Central Bank Annual Report for 1998, UAE gross domestic product at current prices (GDP) decreased from Dh 180.6 billion in 1997 to Dh 170.1 billion in 1998 (-5.8 per cent), despite substantial growth in most economic sectors. This drop was largely attributable to a 31 per cent decline in the value of the oil sector output, from Dh 53
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Convergence and Its Implications for a Common Currency in ASEAN Kraiwinee Bunyaratavej, Eugene D. Hahn ASEAN Economic Bulletin, Volume 20, Number 1, April 2003, pp. 49-59 (Article) Published by Institute of Southeast Asian Studies For additional information about this article http://muse.jhu.edu/journals/ase/summary/v020/20.1.bunyaratavej.html Access provided by Bangor University (24 Feb 2014 20:30 GMT) ASEAN Economic Bulletin Vol. 20, No. 1 (2003), pp. 49-59 Convergence and Its Implications
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Choose a country and retrieve the latest data on its budget deficit/surplus and its current balance and explain the relationship. Do government budget deficits always lead to current account deficits? Identify two other possible sources for current account deficits. Are current account deficits necessarily a problem? Explain. (a) Country chosen: India. As of July 2015, India's current account balance = - $6.2 billion (Current account deficit) Budget deficit = $103.1 billion Source: (i) https://www
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