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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22‚ 2009 Harvey Milk As of 1977‚ no openly gay politician had ever held office in the United States. Homosexuality‚ at the time‚ was frowned upon and therefore the idea of a someone with “different” sexual preferences holding office was almost an impossibility. As our country was evolving during the 70’s‚ gays and lesbians began fighting for their rights. The voice of this phenomenal movement was that of Harvey Milk. In 1977‚ Milk would change American politics forever. Harvey Milk was born
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Hurricane Harvey blasted through the Gulf of Texas and into the Houston metropolis on August 25‚ 2017‚ wreaking havoc all over the southeastern United States. In just under hours Hurricane Harvey forced over 30‚000 people out of their homes all over Houston and surrounding areas. Rain pummeled these areas causing floods to sweep through Texas and endanger thousands of lives. With a believed death toll of over 80‚ the World Health Organization claims that about 75% of the fatalities from Harvey is due
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describe Norman Bethune. This Canadian doctor was born in Gravenhurst Ontario. He was idolized by citizens all over the country for his dedication and endless commitment towards his patients. During the Spanish Civil War‚ nearly 2000 Canadians travelled to Spain to fight for the Republic‚ and as a result‚ almost half didn’t return to their families back home. Bethune did his absolute best to try and help the soldiers recover faster‚ so they could continue fighting for the country. Norman attempted
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Macroeconomics 1102 Discussion Question 5 Part (a) Consumption function: is the relation of consumption with its determinants. Graphically drawn as:. Mathematically it is written as: C = C + c(Y – T) C: Consumption Spending C: Exogenous Consumption c : Marginal Propensity to Consume (0 < c < 1) Y: Aggregate Income T: Taxes Explaining the main components: Exogenous consumption: factors other than disposable income that affect consumption. So when consumers feel optimistic
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Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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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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