ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 22, Problem 1P
Subpart (a):
To determine
the percentage change in the quantity and the percentage change in the price .
Subpart (b):
To determine
The price change and the new price level.
Subpart (c):
To determine
Change in quantity demanded and the change due to tax.
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I have chosen Gross Domestic Product (GDP) as the macroeconomic indicator to review and provide a forecast prediction. Based on the current trend I predict a 2% annual GDP growth rate, indicating an unstable economy due to the impact of Donald Trump's tariffs on some countries and other other economic factors. This growth rate is lower than the historical average , indicating a slowdown in economic expansion. Overall, the forecast suggests a modest growth in GDP, but with potential risks and uncertainties ahead. But if he reverse his tariff policies, I think it could possibly result in a strong economic growth. As the removal of tariffs would likely minimize the costs for businesses and consumers and also rise trade and economic activities.
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