1. Measuring the Cost of Living 1) Questions for Review # 2 Questions: Describe the three problems that make the consumer price index an imperfect measure of the cost of living. Answer: The 1st problem is called substitution bias. Consumers substitute toward goods that have become relatively less expensive. However CPI is based on a fixed basket of goods and it ignores the possibility of consumer substitution. The 2nd problem is the introduction of new goods. This means that consumers have more
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A theme that relates to trade with the Aksum’s is economics. Economics relates to the use of scarce resources. Goods and services produced by the Aksum’s were: tortoise shells‚ ivory‚ emeralds‚ gold‚ and salt. A major service the Aksum people provided was an extensive trading center for many countries and empires. Some of the countries and empires that traded and interacted with the Akums were: Egypt‚ Arabia‚ Persia‚ India‚ and the Roman empire. Aksum was a huge trading hub due to miles of coastline
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Was the Neolithic Revolution one of man kind’s greatest achievements? When one mentions the Neolithic Revolution‚ one would also mention what a great success the revolution was. However many have confused the difference between the Neolithic Revolution with an Era with a similar name‚ the Paleolithic Era. The Paleolithic Era was the times of the Neanderthals and the Cro Magnon. They were the nomads that roamed the world 6-7 million years ago. They originated from Eastern Africa. These early humans
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History of German economy (1945-1991) When de Second World War finished in 1945 Germany was divided in two parts‚ the east part‚ the German democratic republic was under the influence of the URSS. The west part was formed by the zone liberated by the USA army during the war and also west Berlin ( berlin was in the east part nevertheless the west part was a lander of east Germany and was separated from the rest by the famous Berlin wall) it was a real democracy and a capitalist country. East Germany
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Globalization on an Economy: Globalization is a phenomenon‚ which demonstrates a significant growth in the overall international trade of goods‚ services and other financial assets as observed in an economy. Globalization also commonly refers to a situation where in one country highly interacts with other countries or economies via trade‚ competition or investments. In such situations any change taking place in one economy and lead to significant impacts and changes in the economies and financial situations
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How Children are affected by the Media Michelle Krueger ENG/101 11/11/2012 Rosemary Cummings [The first sentence is very important—no matter how impressive the information or discoveries in the rest of
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action but also to everyone else that is – either directly or indirectly – affected by the action. The influence of utilitarianism on other areas besides philosophy‚ such as law‚ politics and economy‚ over the last centuries has become clearly notable‚ whereas this paper focuses - besides a detailed description of the classical utilitarianism itself - explicitly on its influence on decision making with respect to the economy. Based on the common characterization of utilitarianism that ethically right
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the Real Role of the Fed in the Economy? Monetary Policy Cause and Effect EC301 Intermediate Macroeconomics 5 May 2013 The current status of the United States economy is a common discussion or topic in today’s media and in many individuals’ households. The state of the economy affects us all in nearly every aspect of our lives. Whether you’re grocery shopping‚ buying gas‚ registering your children for school‚ or exploring insurance rates‚ the economy has an effect on the bottom line
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adapt to the host culture because the host community is not responsible for their adaptation. For the host community‚ even though their culture will be affected by immigrants‚ it is easier to accept the immigrants that have similar cultures rather than incoming people who have culture that is very different. The host community will be affected by the immigrants as they will accept new things consciously or unconsciously. Host community don’t have the responsibility to help outsiders to adapt to
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allowed numerous countries to begin investing in South Africa. These foreign capital inflows were greatly needed by the South African economy as the new government had the following economic goals: “Attract foreign capital‚ reduce the large role of government as government owns half the countries fixed capital assets and facilitate gradual restructuring of industry along globally competitive lines” (Germishuis‚ 1999: 2). The two latter goals could only be achieved through proper financing for the
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