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
Premium Supply and demand
earth. [Online] Available at: http://news.bbc.co.uk/1/hi/business/2066885.stm?&lang=en_us&output=json Ettinger‚ J.‚ June 2‚ 2010 . AT&T Tiered Pricing Is Anti-Consumer. [Online] Available at: http://www.freepress.net/press-release/2010/6/2/free-press-att-tiered-pricing-anti-consumer Hille‚ K.‚ November 14‚ 2011. China expected to increase antitrust probes. [Online] Available at: http://www.ft.com/cms/s/0/f21d704c-0c3a-11e1-8ac6-00144feabdc0.html#axzz1eqWYDERm Tran‚ M.‚ 9 August 2002. WorldCom accounting
Premium Monopoly
investment that is less than planned investment. 2. The ratio of the increase in ________ to the increase in ________ is called the multiplier. A) equilibrium nominal GDP; autonomous expenditure B) equilibrium real GDP; autonomous expenditure C) autonomous expenditure; equilibrium real GDP D) induced expenditure; equilibrium real GDP 3. An example of assets that are included in household wealth would be A) stocks‚ bonds‚ and savings accounts. B) stocks‚ loans owed‚ and savings accounts. C)
Premium Macroeconomics Consumption
validity of alternative positive theories about how the world works. o Economist may have different values and therefor different normative views about what policy should try to accomplish. GDP – measuring a nation´s income • The statistic might measure the total income of everyone in the economy (GDP)‚
Premium Inflation Unemployment Money
Economic concern that I chose is (GDP.GDP) which stands for the gross domestic product. With the total cost of all finished goods and the services produced in the country through a particular period of time with GDP. This means the sums of the profits added at the level of production. the GDP is classified
Premium Economic growth Economics Gross domestic product
firms‚ despite large firms rapidly improving through investments in both technology and skills. In this assignment‚ I will be discussing how productivity would affect the Gross Domestic Product (GDP)‚ GDP Growth‚ GDP per capita and the Sources of Economic Growth that could affect Mexico’s future economy. GDP refers to the monetary value of all finished goods and services produced within a nation’s borders in a specific time period‚ usually calculated annually. It includes all private and public consumptions
Premium Economic growth
8.1 (a) Using a diagram to show the income flow of the circular flow model‚ identify the four factors of production and their respective payments. [10 marks] Circular flow of income model represents a closed economy(income flow is the inner circle) Assumption that decision makers are either the households or the firms. They are linked together through the resource market and the product market Households own four factors of production: land: rent labour: wages capital: interest entrepreneurship: profit
Free Gross domestic product Economics
Macroeconomics Problem Set 1 1. Explain why an economy´s income must equal its expenditure 2. List the four components of GDP. Give an example of each 3. Why do Economists use real GDP rather than nominal GDP to gauge economic well-being 4. What component of GDP (if any) would each of the following transactions affect? Explain a. A family bus a new refrigerator b. Jane buys a new house c. For sells a Thunderbird from its inventory d. You buy a pizza
Premium Inflation
do the same job‚ GDP would have been higher‚ even though the amount of output would have been identical. Why is this? Does this make sense? A.: 1: If a secretary were hired to type the manuscript‚ they would have had the opportunity to provide a service at a price. We know that each good and service produced and brought to market has a price. That price serves as a measure of value for calculating total output; in this case‚ the task of completing the typing for this book. GDP is the total market
Premium Gross domestic product Value added Supply and demand
downward. 7‚ the correlation of political party of the president and GDP growth is -0.277811979‚ which indicates a strong relation. The correlation of Top individual marginal tax rate and GDP growth is 0.218935712‚ which indicates a strong relation as well. 8‚ what I am surprised is that the top individual marginal tax rate does have a strong relation with GDP growth. Before I arrange the data from ascending years to descending GDP growth rate‚ I thought there is no relation between those two categories
Premium Economic growth Taxation Economics