Principles of Economics 2e 2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: Steven A. Greenlaw; David Shapiro
1 Welcome To Economics! 2 Choice In A World Of Scarcity 3 Demand And Supply 4 Labor And Financial Markets 5 Elasticity 6 Consumer Choices 7 Production, Costs, And Industry Structure 8 Perfect Competition 9 Monopoly 10 Monopolistic Competition And Oligopoly 11 Monopoly And Antitrust Policy 12 Environmental Protection And Negative Externalities 13 Positive Externalities And Public Goods 14 Labor Markets And Income 15 Poverty And Economic Inequality 16 Information, Risk, And Insurance 17 Financial Markets 18 Public Economy 19 The Macroeconomic Perspective 20 Economic Growth 21 Unemployment 22 Inflation 23 The International Trade And Capital Flows 24 The Aggregate Demand/aggregate Supply Model 25 The Keynesian Perspective 26 The Neoclassical Perspective 27 Money And Banking 28 Monetary Policy And Bank Regulation 29 Exchange Rates And International Capital Flows 30 Government Budgets And Fiscal Policy 31 The Impacts Of Government Borrowing 32 Macroeconomic Policy Around The World 33 International Trade 34 Globalization And Protectionism A The Use Of Mathematics In Principles Of Economics B Indifference Curves C Present Discounted Value D The Expenditure-output Model Chapter19: The Macroeconomic Perspective
Chapter Questions Section: Chapter Questions
Problem 1SCQ: Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment... Problem 2SCQ: Which of the following are included in GDP, and which are not? The cost of hospital stays The rise... Problem 3SCQ: Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how... Problem 4SCQ: Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant... Problem 5SCQ: According to Table 19.7, how often have recessions occurred since the end of World War II (1945)? Problem 6SCQ: According to Table 19.7, how long has the average recession lasted since the end of World War II? Problem 7SCQ: According to Table 19.7, how long has the average expansion lasted since the end of World War II? Problem 8SCQ: Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for... Problem 9SCQ: The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of 4.862... Problem 10SCQ: Explain briefly whether each of the following would cause GDP to overstate or understate the degree... Problem 11RQ: What are the main components of measuring GDP with what is demanded? Problem 12RQ: What are the main components of measuring GDP with what is produced? Problem 13RQ: Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what... Problem 14RQ: Why must you avoid double counting when measuring GDP? Problem 15RQ: What is the difference between a series of economic data over time measured in nominal terms versus... Problem 16RQ: How do you convert a series of nominal economic data over time to real terms? Problem 17RQ: What are typical GDP patterns for a high-income economy like the United States in the long run and... Problem 18RQ: What are the two main difficulties that arise in comparing different comparing GDP? Problem 19RQ: List some of the reasons why economists should not consider GDP an effective measure of the standard... Problem 20CTQ: U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up... Problem 21CTQ: What does GDP not tell us about the economy? Problem 22CTQ: Should people typically pay more attention to their real income or their nominal income? If you... Problem 23CTQ: Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago? Problem 24CTQ: Why do you think that GDP does not grow at a steady rate, but rather speeds up and slows down? Problem 25CTQ: Cross country comparisons of GDP per capita typically use purchasing power parity equivalent... Problem 26CTQ: Why might per capita GDP be only an imperfect measure of a countrys standard of living? Problem 27CTQ: How might you measure a green GDP? Problem 28P: Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100... Problem 29P: The prime interest rate is the rate that banks charge their best customers. Based on the nominal... Problem 30P: A mortgage 105m is a loan that a person makes to purchase a house. Table 19.11 provides a list of... Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa... Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million.... Problem 33P: The Czech Republic has 3 GDP of 1,800 billion koruny. The exchange rate is 25 koruny/U.S. dollar.... Problem 23CTQ: Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
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Explain 4 limitations that National Income Statistics have in determining a country's economic welfare
Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.
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