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Does the absolute PPP imply the relative PPP? What about the other way around?
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- Birefly explain the difference between absolute and relative PPP. Thanks.Explain how the relative PPP differs from the absolute PPP. Can the Relative PPP hold true while, at the same time, the absolute PPP fails to hold? JustifyWill an increase in average length of annual vacations cause the national economy's PPF to shift inward or outward?
- Which of the above 4 graphs best represents the change in the PPF if the economy finds a new deposit of oil? A. Graph A. B. Graph B. C. Graph C. D. Graph D.What would it take for a point beyond the PPF to ultimately become attainable? Name an important assumption associated with the PPF. Why are models such as the PPF which require broad assumptions used in economics? Economics - Need details Thank YouAssume that an economy is operating inside its PPF Explain how you would use the PPF to measure the ocost to the economy of operating insidethe PPFHint: You should use the terms potential GDP and GDP gap in your answer
- Q2 When things are traded in a market, or embedded in government tax statistics, they are relatively easy to measure. Many of our measurement difficulties arise precisely because some of the most valuable things are not easily measurable. Gross Domestic Product (GDP) casily captures the output of washing machines, but not of happiness, health or environmental depreciation. Since we do not buy and sell clean air or moderate temperatures in a marketplace, governments are not automatically collecting statistics for use in national accounts data. People who visit France quickly leam that the French have a good quality of life, better than you would expect simply by looking at their GDP. They enjoy a nice climate, long lunches, access to Mediterranean beaches and little congestion since they have plenty of land in relation to their population. They also retire at a relatively young age and, having long life expectancy, spend plenty of happy years in retirement. Their GDP statistics are…Why does this PPF have a bowed-out shape? How can the economy increase its production of both tea and snacks? Graph the PPF with and show an increase in its production.If two economies are identical, except the savings rate in one economy is higher, explain why we might expect the economy with the higher savings rate to grow faster and in that sense be healthier.
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