Quiz #1 September 8‚ 2014 Name: Answer Key (1) For each of the following goods and services‚ identify if the good or service is counted in U.S. Gross Domestic Product (GDP) and provide a short explanation defending your decision. a. Household work completed by a maid (2 points). This service is included in GDP because the service is legal and has a market value. b. Milk bought by a bakery for use in the baking of donuts (2 points). The good is not included in GDP because it is an
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nts. [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 Firms pay Household back: Income of households rent (land) wages (labour) Interest (capital) Profit (entrepreneurship)
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development: a holistic portrayal of development obtained by putting human being at the center of the process (Mohammed 2007). Economic Development Indicators: Gross domestic product: a measure of the total good and services produced in an economy over a specified period of time‚ usually a year(Bannock‚ Baxter & Davis 2003) Gross national product: this is the GDP of a country with adjustments made to include investments and other income from overseas generated by the country’s nationals‚ and deductions
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Single spine pay structure simply means having a single pay plan whereby employees in the same pay scale are paid equally. The new public sector pay policy came into effect from 1st July‚ 2010 as a unified salary structure that places all public sector employees on one vertical structure with incremental pay points from the lowest to the highest level. The aim of the pay policy is to attract‚ retain and motivate public service workers to enhance effectiveness in service delivery and improved productivity
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vastly inefficient‚ and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979‚ China has been among the world’s fastest-growing economies‚ with real annual gross domestic product (GDP) growth averaging nearly 10% through 2012. In recent years‚ China has emerged as a major global economic and trade power. It is currently the world’s second-largest economy‚ largest merchandise exporter‚ second-largest merchandise
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well-being. 4. 5. Copyright © 2014 Pearson Canada Inc. Chapter 20‚ Slide 2 20.1 National Output and Value Added Production occurs in stages—most firms produce outputs that are other firms’ inputs • intermediate products – outputs also used as inputs by other firms • final products – outputs not used as inputs by other firms Each firm’s contribution to total output is its value added Value added = revenues — non-labour costs (cost of intermediate goods) Copyright © 2014 Pearson Canada Inc. Chapter
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The adaptation of the 1937 novel The Hobbit by JR Tolkien‚ relate the story of Bilbo Baggins during his trip with a company of 13 dwarves led by the legendary warrior Thorin Oakenshield. The movie is definitely filming in New Zealand after some difficult negotiation between Warner bros and the New Zealand government‚. The government of New Zealand offer Warner Brothers lobbying campain‚ which will be detailed later‚ to film “The Hobbit” in New Zealand. So the question that can be ask is what will
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earthquakes damage or destroy productive physical assets like factories‚ stores‚ housing‚ and public infrastructure (the capital stock); they interrupt economic activity (the flow of goods and services produced in a quarter‚ as measured by gross domestic product or GDP). During the disaster and in its immediate aftermath‚ economic activity will likely be depressed below what it otherwise would have been depressed spending during the crisis is merely postponed and made up later. Meanwhile‚ the repairing
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GCB 2023 ECONOMICS RESEARCHED PROPOSAL Economics in Third World Country‚ Especially Malawi” MEMBERS NAME Nurfarahin Binti Mohammad Taib‚17385 Nurul Nadiah Binti Ruslee 940127105070‚ 17407 Miza Farzana Bt Amir Mahmod‚ 17247 Shazmeen Nur Izzaty Binti Sharim‚ 1377 LECTURER Dr. Lai Fong Woon SUBMISSION DATE 10th June 2014 PAGE CONTENT Researched title…………………………………………………………………………….1 Background/ Synopsis…………………………………………………………………………….1 Problem Statement………………………………………………………………………………
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study estimated that tourism contributes 4.8 per cent to Australia’s Gross Domestic Product (GDP) and is responsible for employing 340‚000 people or 5.2 per cent of the workforce. By way of comparison‚ tourism’s contribution to GDP and employment is equivalent to the combined textile‚ clothing and motor vehicle industries. During the 12-month period of the survey‚ it was estimated that the total gross expenditure by both domestic and international tourists in Australia was $12.7 billion. After deducting
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