1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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Furthermore‚ assume that banks do not hold any excess reserves‚ and that the public do not hold any cash. Explain the money creation process that follows due to your initial deposit of $1‚000‚ and calculate the maximum amount of money that can be created. 2. Suppose‚ as in Q.1‚ you deposit $1‚000 at your bank‚ and the required reserve ratio (r) is 10%. Assume again‚ as in Q.1‚ that banks do not hold any excess reserves. However‚ now assume that the public hold half of their money as cash and half of their
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supply functions to answer the following question: Demand: Qd = 50 - 4P Supply Qs = 20 + 2P Equilibrium price and quantity are Answer Selected Answer: d. None of the above. Correct Answer: d. None of the above. • Question 2 0 out of 1 points Suppose a frost destroys much of the Florida orange corp. At the same time‚ suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice
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Business Economics 201 Chapter 23: Measuring a Nation’s Income Macroeconomics: a study of the nation’s economy as a whole with a goal of explaining the changes that affect many households‚ firms‚ and markets simultaneously GDP: measures the total income of everyone in the economy and the total expenditure on the economy’s output of goods and services income must equal expenditure every transaction has a buyer and seller Can be computed by adding up expenditure by households or total income
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As Economics 1. Economics:- 1. The branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. 2. The condition of a region or group as regards material prosperity. 3. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses 2. Adam Smith Smith believed that competition (the belief that everyone should have a fair chance to compete to make‚ sell‚ and buy goods and services) was the key
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STUDY Before the Exam Question 1 Macy’s is considered which type of organizational customer? Answer | | Producer. | | | Intermediary. | | | Government. | | | Nonprofit. | 2 points Question 2 "From a marketing perspective‚ product quality primarily depends on‚ " Answer | | the price of a product. | | | a product working as it is supposed to work. | | | quality control procedures used during manufacturing. | | | the customer’s specific requirements and
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Anatomy Study Guide Exam 1 Blood Blood components: know the relative amounts of the components and the functions of each component Formed elements: 1. Erythrocytes (red blood cells): involved in carrying oxygen 2. Leukocytes (white blood cells): involved in immune system - fight off infections 3. Platelets: involved in blood clotting Plasma: (liquid part of blood – dilute solution of salts‚ glucose‚ amino acids‚ vitamins‚ urea‚ proteins‚ and fats * 90% water * 7% protein
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Samples of old exam questions 1. Two pure-breeding mutant plants produce white flowers. When they are crossed‚ all of the progeny have wild-type purple flowers. What does this genetic complementation test tell you? a. The genes are part of distinct biosynthetic pathways b. The two lines exhibit different mutations in the same gene c. More than one gene is involved in determining the phenotype d. The allele is pleiotropic e. The allele exhibits incomplete dominance 2. In a testcross of two
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from 20 to 17 days by crashing Activity C for two days and Activity F by a day. Now proceeding from here: Activity ID Predecessor Normal Time (Days) Crash Time (Days) Normal Cost Crash Cost ($’000) ($’000) A - 5 2 $100 $205 B - 6 3 $140 $205 C - 7 5 $140 $200 D A‚ B 6 2 $100 $340 E C 3 1 $120 $200 F C 8 5 $580 $700 G D‚ E‚ F 5 3 $400 $660 Note: A "fully crashed schedule" means a project that has been crashed until the cost of crashing exceeds the marginal gain associated with eliminating
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Chapter 2 MCQ’s 1) According to the Law of Demand‚ the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes
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