1. What is the gross domestic product? A gross domestic product is “the total market value of final goods and services produced within an economy in a given year”. 2. Do increases in gross domestic product necessarily translate into improvements in the welfare of citizens? Yes‚ an increase in GDP improves welfare of citizens because if U.S exports are increased it will increase U.S GDP and reduces unemployment in the short run. This would be an improvement for welfare citizens. 3. What is unemployment
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Part 1 of 3 - 100.0/ 100.0 Points Question 1 of 16 10.0/ 10.0 Points Demand is price inelastic if: A.the price of the good responds slightly to a quantity change. B.the demand curve shifts very little when a demand shifter changes. Correct C.the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. D.all of the above are true. Answer Key: C Question 2 of 16 10.0/ 10.0 Points If the absolute value of price elasticity
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ECON 1020 Principles of Macroeconomics Assignment 1 Question 1 (10 marks) (a) The relative scarcity of resources makes the operation of any economy a matter of choosing between alternatives.” Explain. The world has limited resources and us‚ as people have unlimited wants. Therefore‚ we must constantly make decisions to choose what we would rather buy or produce and what we must give up in its consequence. This includes work and time. For example‚ studying for an exam late at night would give
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Disclaimer- The ASB Economics Faculty accepts no responsibility for the content of these pages. These notes were created by a past student for their personal revision purposes and as such may contain errors‚ typos‚ outdated statistics etc. Students are advised to read all material critically and for best results‚ to make their own notes based on official ECON lecture slides and notes and the BOF textbook. ECON1102 Macroeconomics Summary otes What is Macroeconomics? Macroeconomics is concerned
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Egypt and Mesopotamia Comparison In order to completely understand the relationship between two events‚ comparing and contrasting is necessary. Through comparing similarities and differences it is easier to analyze why things developed and occurred the way they did. For example‚ in comparing Egypt and Mesopotamia it will be easier to achieve understanding of major aspects of their culture‚ the way other cultures impacted them‚ and their influence on the future. In
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Egypt is located near the Nile River. Egypt is right under the Mediterranean Sea and directly west of the Red Sea. It is located at the top of Africa. They chose this location because it is near an abundance of water. Egypt’s main water source is the Nile River. They often traded with Nubia (also known as Kush) due to them being conveniently close to Egypt. Egypt’s government was focused on heredity rule. Heredity rule is a form of government where the power is passed from father to son and
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The informal Economy in Egypt‚ can it be an engine for poverty reduction. Sabreen Mahmoud 900072036 Econ 308 Fall 2010 Dr Magda Asssaad The informal economy definition is a very wide one. It is difficult to define it because of the agreement on the activities to be deemed informal make it very hard. There are many definitions agree that the informal sector occurs outside the legal frame work. It was about 30 years later when the concept of informal sector is introduced by the (ILO)
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were popular amulets in ancient Egypt. They survive in large numbers and‚ through their inscriptions and typology‚ they are an important source of information for archeologists and historians of the Ancient world. They also represent a significant body of ancient art. For reasons that are not clear (although no doubt connected to the religious significance of the Egyptian god Khepri)‚ amulets in the form of scarab beetles had became enormously popular in Ancient Egypt by the early Middle Kingdom (approx
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Although there are many similarities between Mesopotamia and Egypt‚ the differences that existed are significant enough that I would rather live in Egypt. Both civilizations rely on a river or rivers. Mesopotamia is between the Tigris and Euphrates. Egypt was built along the northern delta of the Nile River. In Mesopotamia‚ though the rivers could drought or flood depending on snowfall and rain‚ well in Egypt the Nile flooding came at the same time each year and was even predicted when it was coming
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Rough draft: Two of the first civilizations were Mesopotamia and Egypt the both faced a similar problem the flooding of the rivers. In Egypt they used the flooding to help grow there crops. In Mesopotamia they completely blocked there flooding and had no way of telling when it would. Overall I think Egypt dealt with the rivers best. Mesopotamia was one of the first known civilizations. The word Mesopotamia comes from Greek meaning between two rivers. However every once in a while the two rivers
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