computed by adding up expenditure by households or total income paid by firms GDP is the market value of all final goods and services produced within a country in a given time period Adds many different kinds of products to a single measure of economic activity Includes market value of housing services providing by economy’s stock of housing GDP only includes the value of a final good Doesn’t include transactions involving items produced in the past Usually measured the value of production
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because both legal and illegal production are included in GDP. d. doesn’t change because these activities are never included in GDP. Gasoline is a. always considered an intermediate good. b. counted as a final good if a company uses it to provide transportation services. c. counted as a final good if a consumer uses it to run a lawnmower to mow her yard. d. Both b and c are correct. e. Both a and c are correct. The government reports that "GDP increased by 1.6 percent in the last quarter." This
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1) Which of the following transactions would be included in GDP? a) The purchase of a Monet painting b) The purchase of paper clips c) The purchase of Telstra shares d) The purchase of a used car 2) Economics is the study of a) the choices everybody makes to attain their goals‚ given their scarce resources. b) supply and demand. c) how to make money in a market economy. d) how to make money in the stock market. 3) The economy is considered to be at full employment when
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DEFINITION Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics may be defined as a science that deals with the activities of man in obtaining wealth for the satisfaction of his wants. Economics is the art of making a living. Economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. Economics is the branch of social science
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How can bursting of an asset-price bubble in the stock market help trigger a financial crisis? * When this happens the price of the bubble will realign with their fundamental economic values‚ companies will see their net worth decline and the value of their collateral they can pledge will drop. It causes a decline in the value of the institutions’ asset‚ whereby causing a decline in the net worth of the company. This deterioration in the balance sheets causes them to deleverage‚ worsening
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MGT 3374 Human Resource Management DAY-BY-DAY TOPICS‚ READINGS & ASSIGNMENTS (Version 1-15-14 5) WEEK DAY TOPICS/WRITTEN ASSIGNMENTS/READINGS/ IN-CLASS EXERCISES 1 1-16 Topics to be covered Course purpose and expectations Course assignments and activities Class attendance rules Assigned cases and exercises from: Nkomo‚ Fottler‚ & McAfee‚ Applications in Human Resources Management: Cases‚ Exercises‚ Incidents‚ and Skill Builders‚ 7th ed. (Cengage‚ 2011). ISBN: 0-538-54807-6 Sample
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First Midterm Study Dr. Reza Fazeli Econ.20A 1. The phenomenon of scarcity stems from the fact that a. most economies’ production methods are not very good. b. in most economies‚ wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited. 2. Approximately what percentage of the world’s economies experience scarcity? a. 10% b. 40% c. 85% d. 100% 3. The adage‚ "There is no such thing
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This method generates a good random sample since it hits all in the selected area with equal probability‚ including unlisted numbers. The second method takes telephone numbers from a telephone book or list and uses them‚ or sometimes randomizes the final digit to hit unlisted numbers. Some problems with polls and surveys are how they are worded‚ decreased willingness of Americans to participate in surveys‚ increased use of caller ID to screen pollster calls‚ and the difficulty of surveying people who
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ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions‚ which are related to each week’s objectives. Highlight the correct response‚ and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar
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Elasticity Paper Mark Bullock ECO/365 10/20/14 BIAGIO VULTAGGIO Elasticity Paper Mark Bullock A reason that substitute goods are goods that can be used in activities aimed to satisfy the same needs‚ one in the place of another. Also the buyer carries out an actual and conscious process of choice about them‚ which leads the buyer to prefer one to another. A reason that products are considered compliments is because a product can be considered a complement when it shares a beneficial relationship
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