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- Use the data in the text to contrast the policy prescriptions of the high-income, middle-income, and low-income countries.(1d) To measure a real increase in wages, the changes would have to be averaged. the wages would have to be adjusted for inflation overtime. (my guess) the increase would have to be compared to the growth in GDP. (1e) Jerusha lives in a country with a large amount of protection under the law for conducting business or bringing her ideas to the market with patten production. Because of the economic conditions what will Jerusha most likely do with her rainwater collecting invention? Keep her ideas in a notebook and sell them to the highest bidder. Find a country where she can develop her idea away from strong patent laws. Develop her invention and bring it to market with ease and minimal cost. (my guess) (1f) Over the past 50 years, which component of consumer spending has steadily gained as a percentage of the total? durable goods nondurable goods services (my guess) (1g) The distinction between real GDP and nominal GDP is important to determine which of the following? The…1- An example of a poverty trap is a. extended time periods without war b. a lack of mineral wealth c. a corrupt government d. laws and regulations to help detect fiscal fraud 2- Which of the following groups has the highest death rate? a. middle-income economies b. low-income economies c. high-income economies d. All the above economies
- Let us understand that everything has limitations in our consumption –our basic needs like food, shelter and water. Even our consumption on the mode of transportation has limitation. The challenge to us, consumers, is how we make use of our imitative, and utilize our income to satisfy our demands at the most affordable prices; for the sellers to supply the needs of the consumers while making profit; for the government to legislate the economy while helping all the agents and to protect the monetary and fiscal transactions.As a consumer, how can you sustain your needs (basic commodities) despite the challenges in increased price of these items in the market?Write brief notes on the economic ideas of the following:1. James Tobin2. Andre Gunder Frank3. Supply-siders4. New classicalWhen President Obama was elected, the U.S. economy had slid into a recession. Consumer spending was low and getting worse. In an effort to stop the decline, President Obama proposed an economic stimulus package that included government spending on roads, bridges, and schools, among other things, and a tax cut that each U.S. worker would see in her or his paycheck. Apparently, President Obama was a proponent of
- Public spending means & Includes ? Select onev option Govt. five year plans expenditure foreign trade expenditure subsidy & Welfare Capital & revenue Expenditure1. Write a sentence or two defining the following terms in your own words. Give examples of each. g. Planned System h. Public Goods i. RecessionConsider an economy with a coconut producer, a restaurant, and a govern- ment. The coconut producer produces 10 million coconuts, which are sold for $2 each, generating a revenue of $20 million. The coconut producer pays wages of $5 million to its workers, $0.5 million interest on a loan to some consumers, and $ 1.5 million in taxes to the government. The restaurant buys 6 million coconuts, and the remaining 4 million coconuts are directly bought and consumed by consumers. The restaurant uses coconuts to produce meals that generate a revenue of $30 million. The restaurant pays its workers $4 million in wages, and the government $3 million in taxes. Consumers work for the coconuts producer, restaurant and the government, earning a total of $14.5 million in labour income ($9 million in wages from the private sector, and $5.5 million from the government). They also earn $24 million in after-tax profits (dividends) from the producers, in addition to the interest income of $0.5 million…
- Some of the poor and middle-income students end up paying high tuition fees inprivately-owned universities and colleges while some of the rich students get to enjoy free or very low tuition fees of state universities and colleges in the country. a.) Why is this happening in the country?Winston S. Churchill said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” There is debate on the above statement with one view holding that since tax is the guaranteed source of Government revenue, it only makes sense that Government should be planning development based on tax as that is the revenue it is sure of. Hence, there is no escape from a nation taxing itself into prosperity. The other view argues that any nation should rely on its nationals for both demand and supply. Hence, its government should leave its nationals with enough incomes to save and invest thereby creating supply, but also with enough to buy and thereby creating demand. Give a critical analysis of the two sides of the debate and, in your conclusion, give clear recommendation of how government should tax its nationals, both natural and legal entities.1 Describe some of the trade-offs faced by each of the following: a. a family deciding whether to buy a new car b. a member of Congress deciding how much to spend on national parks c. a company president deciding whether to open a new factory d. a professor deciding how much to prepare for class e. a recent college graduate deciding whether to go to graduate school 2. You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs? 3 The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the…