1) Which of the following most correctly describes GDP? GDP is the sum of the market value of all A) goods and services purchased within a country in a given time period. B) final goods and services produced within a country in a given time period. C) final goods and services purchased within a country in a given time period. D) intermediate goods and services produced within a country in a given time period. E) final goods and services produced by a
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Analysis 3: Strategies for Profit Maximization in the Market of Fuel-Efficient Cars “In the past‚ nothing slowed down strong car sales faster than a spike in gasoline prices.” Gasoline and normal cars are strong complements because gasoline is necessary for cars to operate and forms the large bulk of the cost of owning a car. The quantity demanded for cars decrease more than proportionately to the increase in prices of gasoline. “These days‚ consumers simply switch to more fuel-efficient
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Buffer stock scheme: is an attempt to use commodity storage for the purposes of stabilizing prices in an entire economy or‚ more commonly‚ an individual (commodity) market Commodity: a raw material or primary agricultural product that can be bought and sold‚ such as copper or coffee. Commodity agreements are international agreements designed to stabilise commodity prices in the interest of producers and consumers. Cross price elasticity Demand: The quantity of a good buyers wish to purchase
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Over a hundred thousand jobs the U.S. economy has created in the past ten months. It is still below the two hundred thousand needed to drastically bring down the unemployment rate‚ which is around eight percent. The positive we have is income and consumption and GDP growth‚ but it is still growing below trend rates. The housing market still shows little to no sign of life. The high prices of oil are presenting a significant headwind in the U.S. economy. The Federal Reserve still try’s to stimulate
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Microeconomics Economics is the study of allocation of scarce resources 1) Chapter One: The Principles of Microeconomics a. Four resources: Land‚ Labor‚ Capital (machinery)‚ Entrepreneurship (human capital) b. Principle #1: People face trade-offs‚ government also faces them‚ the main one the gov. faces is efficiency vs. equity i. Efficiency is when everyone who makes the most‚ keeps the most money ii. Equity would be if everyone was taxed the same
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obesity prevention‚ and nutrition education. The underlying purpose is to focus on maximizing health benefits. It has sparked controversy on the levels of additional bureaucracy‚ interfering with personal liberties‚ and freedom of choice. Junk-Food Taxes Introduction For years health experts have been warning Americans to lose weight and adopt a healthier lifestyle. Over time obesity rates have tripled. It is obvious we are losing the battle against obesity. Combating obesity and its numerous
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“E - cigarettes may be less harmful than cigarettes” Drummond says‚ “but we still don’t know their long term risks” Electronic cigarettes are designed for adults to continue using nicotine at a reduced harm. Electronic cigarettes were never intended for teenagers‚ they were simply made for adults to help quit smoking. Although others may think it isn’t‚ electronic cigarettes or otherwise known as vaping‚ is very unhealthy and can cause lung damage. The main difference between E - cigarettes and actual
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WHY the Bible? This book presents 40 principles of leadership based upon the Holy Scriptures. The number 40 is one of the most meaningful numbers in the Bible. While the number seven is considered to be perfect number‚ the number 40 appears in numerous Scriptures: The flood lasted for 40 days and nights‚ the children of Israel wandered in the wilderness for 40 years‚ Moses was on the mountain for 40 days when he received the Ten Commandments‚ David reigned for 40years‚ and Jesus was in the wilderness
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Tax in colonial America began being a big problem in 1764. The British taxed the colonists on everything coming in and out of the colony. Such as playing cards‚ sugar‚ tea‚ and more things. Each time something different was taxed‚ a group of colonists would protest. In 1773‚ the Parliament set an act saying that all tea purchased was required to be British tea. Not only did the fact of have to by only British tea enrage the colonists but the fact that the tea was taxed angered them even more.
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is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though the Philippines is a small country‚ it is the 12th largest in the cigarette industry with an annual volume of around 85 billion sticks of cigarettes. At P1.00 per stick‚ it could easily translate to P85 billion tax revenue and yet we had only collected
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