1. The case for economic literacy is a strong one. Discuss in details pls 2. "Inflation and Unemployment are the twin evils of a society". Discuss in details pls
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1. The case for economic literacy is a strong one. Discuss in details pls
2. "Inflation and
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- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?What is the primary way which economists measure standards of living?
- Question 4Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph:a) an increase in labour productivityb) an increase in preference for workc) the trade union withdraws labour through a strike.Question 5Year 2010 2011 2012 2013 2014 2015Economic Growth (%) 2.7 1.7 1.3 2.7 2.5 1.9Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3Examine the data on the economic growth and unemployment rate for 2010-2015(i) What trends do you observe in the unemployment rate? In economic growth?(ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship)…2. All of the following are types of macroeconomics data except the: A) price of a computer. B) growth rate of real GDP. C) inflation rate. D) unemployment rate. obou oft f o figuli vino asbuloni (8) phulano (a11 . Problems and Applications Q5 A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is _____%. (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is _____% . (Note: Again, use 2020 as the base year.) Which of the following statements is correct? Check all that apply. The CPI allows the basket of goods and services to change. The inflation rate in 2021 is not the same using the two methods. The GDP deflator holds the…
- 4. There is evidence that income per worker is converging in A) the richest countries and the poorest countries. B) the richest countries, but not the poorest countries. C) the poorest countries, but not the richest countries. D) neither the richest nor the poorest countries. please please give explanations and graph using historical data, that will be great. Thanks42) The GDP of the country has been dropping consistently for last few quarters due to economic policy uncertainties. What kind of economic factor would affect the economy? a. Domestic Factor b. Micro Economic Factor c. None d. Macro-Economic factorPractice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?
- Computing the cost of goods per basket , what is constant? A. Price of the current year B. Quantity of the base year C. Quantity of the current yearQuestion a) what are four key macroeconomic issues that arose due to the impact of the worldwide pandemic; Covid-19? example inflation..etc b) what government policies can be implemented to correct those issues?8. increases the standard of living for the poorest in society, allowing them to seek their basic needs.