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- Based on the charts consulted, comment what is expected from the American economy in the next years in general terms. Are there differences in the forecasts? How do you think the state will act in the future based on the chart variables that inform us about its behavior? What will the behavior of families and companies be like? Using these graphs provided, Answer the questions in an essay format, comparing the two. Source: J.P. Morgan Asset Management; (Top left) Census Bureau, DOD, DOJ; (Top left and right) BLS; (Right and bottom left) BEA. GDP drivers are calculated as the average annualized growth in the 10 years ending in the fourth quarter of each decade. *The latest period reflects 1Q20 to 3Q23. Future working-age population is calculated as the total estimated number of Americans from the Census Bureau, per the November 2023 report, controlled for military enrollment, growth in institutionalized population and demographic trends. Growth in working-age population does not…Business Cycle: 1. Graph the business cycle and label the 4 economic periods 2. What is the difference between a Recession and a Recovery period? Use GDP, Inflation and Unemployment to compare these economic periods.Question 5 (i) In general when unemployment falls we can expect ______________. A: inflation to rise B: inflation to fall C: inflation to remain constant D: no relationship between unemployment and inflation (ii) We face trade-offs in our daily life because of _______________. A: scarcity B: efficiency C: equality D: incentive
- M8Part A. What are the four phases of the business cycle? Part B. In which phase of the business cycle is the problem of inflation most likely present? Part C. In which phase of the business cycle would you likely see high unemployment?41.) What is the fastest growing religion in Europe during the 21st Century? a. Christianity b. Islam c. Judaism
- 9 Which book describes economics as a science of growth and material well-being? a. Principles of Economics b. None of the options c. An Essay on the Nature and Significance of Economic Science d. An Inquiry into the Nature and Causes of Wealth of Nations1QUESTION 12 Matthew just graduated from City University of New York with a degree in Mathematics. He also participated in several competitions while in the college and participated in research projects. Economists include these skills as part of Matthew's O proprietary knowledge. O technological knowledge. O human capital. O physical capital.
- The ability to manage time very well and take care of business in an efficient manner is linked to which personal feature of a businessperson? a. Interpersonal skills b. Teambuilding skills c. Leadership skills d. Personal effectivenessDraw a graph representing a business cycle and mark the points or areas of potential GDP, full employment, natural unemployment, and cyclical unemployment.The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Items Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5,000 60.00 Components used tractor factory production (units) 8,000 500.00 11,000 1,200.00 Cloth (units) 8,000 25.00 12,000 30.00 Beef gifts during cultural festival (Kg) 1,500 2.00 1,700 3.00 Milk (litres) 5,000 1.30 7,000 2.50 Computers (Units) 2,000 500.00 2,500 600.00 Printers (Units) 500 300.00 400 355.00 Raw materials for car assembling plant (Units) 4,500 250.00 4,450 300.00 Calculate Happyland Republic’s nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. ANSWER: Double counting must be avoided when measuring GDP. State and examine four…