the ultimate goals: raising economic growth and GDP. The next few paragraphs are going to draw the pictures of two economies‚ Australia and Malaysia‚ by analyzing and comparing the four economic indicators above in the period from 2006 to 2009. a) Gross Domestic Product (GDP) The tables below show the sum value of final goods and services produced within two countries each year from 2006 to 2009 in term of current international dollar. GDP of Australia and Malaysia |
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to support him as before (but as a husband rather than as an employee). How does the marriage affect GDP ? What is your reaction to this ? Hints : GDP is a measure of recorded transactions only‚ not of informal work. The services offered by the husband were recorded in GDP before the marriage‚ but not after the marriage. Marriage induces the spouse to withdraw from the labor force and reduces GDP. 2 Reference : Mankiw‚ Macro (7th)‚ Chapter 2‚ Problem 4. • Place each of the following transactions
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FIGURE 1 1. REFER TO FIGURE 1 If price in this market is currently $14‚ then there would be a(n) a. shortage of 20 units. The law of supply and demand predicts that the price will rise from $14 to a higher price. b. surplus of 20 units. The law of supply and demand predicts that the price will fall from $14 to a lower price. c. shortage of 40 units. The law of supply and demand predicts that the price will rise from $14 to a higher price d. surplus of 40 units. The law of supply and demand predicts
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Economics Prep 3 Complete Paper 1 Essay Question: Q1 A and B page 169 A) Explain three uses of national income statistics B) Evaluate the use of GDP figures as a means of comparing countries. A) National income (total net value of all goods and services produced within a nation over a specified period of time) statistics have many different uses. It is for example used as a comparison scale between countries. This is a useful information‚ if for example a country needs help‚ but the resources
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’Exchange Rate’ The price of a nation’s currency in terms of another currency. An exchange rate thus has two components‚ the domestic currency and a foreign currency‚ and can be quoted either directly or indirectly. In a direct quotation‚ the price of a unit of foreign currency is expressed in terms of the domestic currency. In an indirect quotation‚ the price of a unit of domestic currency is expressed in terms of the foreign currency. An exchange rate that does not have the domestic currency
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Privacy and Ethics * Ethics- principles of right and wrong that indv‚ acting as free moral agents‚ use to make choices to guide their behaviors * Info sys raise new ethical questions bc they create opportunities for: intense social change‚ threatening existing distributions of power‚ money‚ rights‚ and obligations; new kinds of crime * Tech trends that raise ethical issues: * Doubling of computer power: more orgs depend on comp sys for critical operations * Rapidly
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NSS Exploring Economics 5 Chapter 1 Measurement of economic performance (I) – GDP and GNP Questions P.2 Think it over 1. Hong Kong people are hardworking and productive. How do we measure our total output? 2. Our logistics industry is important to our economy. How do we measure its contribution to our economy? P.3 Test yourself 1.1 Are the following items stocks or flows? a. The number of Cokes in a refrigerator b. Your savings deposit in a bank. c. Output of toys per day d. Birth rate of
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definition in the 21st century. This paper will classify the criteria that will be used in three different ways; GDP‚ natural resources‚ and a countries military power. These three criteria are the best way to look at the ownership of the 21st century as GDP is the “monetary value of all the finished goods and services produced within a country ’s borders in a specific time period‚ though GDP is usually calculated on an annual basis. It includes all of private and public consumption‚ government outlays
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Lecture1 1.What’s the “ economizing problem”? Scarce resources VS. unlimted wants. ( labor‚ capital‚ land) 2. Are “normative statements”(规范声明) merely factual and free of value-judgment? No‚ normative is prescriptive. Things should be postive and factual. 3. Define the “fallacy of composition”. Fallacy of composition(组合谬误) is false generation. 4. Money is not considered a resource. Why? Because money is not a product. 5. Why is the production possibilities curve downsloping? Because
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the final goods and services produced by the residents of a country in one year. Summing the production of residents (rather than nationals as in GNP) gives often a more accurate picture of the level of activity in a country. The difference between GDP and GNP is net unilateral transfers and factor income of foreigners. GROSS NATIONAL PRODUCT – The gross national product is the sum total of all final goods and services produced by the people of one country in one year. The GNP is a flow concept.
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