Fundamentals of Macroeconomics Fundamentals of Macroeconomics Stafford M. McClendon ECO372 University of Phoenix Online Part 1 Describe the following terms in your word. • Gross domestic product (GDP) The Market value or measure of how strong a countries economy is. Also a measure of the dollar value or goods produced at a given time period. • Real GDP Real GDP represents the actual dollar value exercised for constant change. Market
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Tutorial 1 Chapter 2: Macroeconomic accounts Multiple choice questions Question 1 Ignoring errors and omissions in the balance of payments accounts‚ if official interventions (Off) are positive‚ what may we conclude? a. That at least one of the current account (CA) and the private financial account (FA) was a deficit. b. That both the current account (CA) and the private financial account (FA) were a deficit. c. That either the current account (CA) or the private financial account (FA)
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TAQA Assignment T2 1. What are the functions‚ concepts and principles of assessment in learning and development? (1.1‚ 1.2) The functions of assessing a student are to ensure that learning and development has taken place against a certain criteria. It allows the assessor to measure and prove the competence ‚ knowledge‚ understanding and skills that will enable the student to achieve a qualification. This is carried out by using different assessment techniques such as observation‚ projects
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Accounting Principles and Concepts http://misscpa.com/basic-accounting-principles-and-concepts/ Accounting is called the language of business that which communicates the financial condition and performance of a business to interested users‚ also referred to as stakeholders. In order to become effective in carrying out the accounting procedure‚ as well as in communicating the financial information of the business‚ there is a widely accepted set of rules‚ concepts and principles that governs
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expenses. Depreciation refers to the cost allocation of tangible long-term assets; depletion refers to the cost allocation of natural resources; and amortization refers to the cost allocation of intangible assets. All three terms have similar underlying principles governing their use. 2. What factors must be considered in determining the periodic deprecation charges that should be made for a company’s depreciable assets? Four separate factors must be considered in determining the periodic
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5 Management Principles/Concepts Management is the concept of getting work done through others. This concept began evolving in the 1880’s from being ideas and practices into a field of study. In Chuck Williams’ recent edition of “Management”‚ he establishes that there were several instrumental influences on the paradigm shift in the field of management. Those parties include but are not limited to‚ Fredrick Taylor‚ Frank and Lillian Gilbreth‚ Henry Gantt‚ and Henri Fayol. These parties developed
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Chapter 13 Fiscal Policy * Government funds many programs through tax revenues * Government transfers- payments by the government to households for which no good or service is provided in return * Social insurance programs- gov. programs (transfer payments) intended to protect families against economic hardship * Social security * Medicare * Medicaid * Gov. purchases- national defense and education are the biggest categories
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national output‚ unemployment‚ and inflation. In order to get a complete understanding of macroeconomics and how it impacts business operations‚ we must understand how money is made and the monetary policy. We also need to understand how the monetary policy will affect issues such as inflation‚ unemployment‚ and interest rates. Unemployment The unemployment rate gives macroeconomists an idea of how many people from the labor force are unable to work. Macroeconomist believe that when the economy goes
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• Scarce goods have positive market prices. • An increase in money supply causes inflation. (positive statement). • Government budget deficits are higher during recessions. When the government spends more than it collects in revenues‚ recessions result. (association by causation). • Macroeconomics is the study of nation and global economics without assuming individuals are rational. • Increase in the income of consumers would result in an increase in the equilibrium price of iPods. • A market
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Question 1 – 10 marks The table lists some macroeconomic data for a country in 2012. Item | Billions of dollars | Wages paid to labour | 850 | Consumption expenditure | 1‚100 | Profit‚ interest and rents | 340 | Investment | 170 | Government expenditure | 310 | Net exports | −54 | (a) Calculate the country’s GDP in 2012. (1 mark) (b) Explain the approach (expenditure or income) that you used to calculate GDP. (1 mark) An economy produces
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