ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 1, Problem 5.9P
To determine
The motivations for studying economics.
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13 Can you help me solve this question? Thanks.
8-
India and China are the two major economies in the Asian continent. Both countries have a trillion-dollar GDP. Suppose to calculate the GDP of the year 2021, India has decided to use the prices and quantities of the year 2021 whereas China decided to use the prices of 2020 and quantities of 2021. You are required to answer the following.
a) What the strategy adopted by India to calculate the GDP of the country.
b) What the strategy adopted by China to calculate the GDP of the country.
c) Which strategy is better? Why?
7. can someone tell me how to solve this equation
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- 11 The statement that correctly describes the capital goods is __________. a. Labor power used for producing a product b. None of the options c. Goods and services that are consumed fully when purchased by the consumers d. Goods such as tools machinery etc. which are used to create final consumer goodsarrow_forward1. Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue, spends $4,000 on oil, $8,000 on wheat, pays workers $60,000. The wheat industry produces $120,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $80,000. The oil industry produces $180,000 in revenue, spends $20,000 on wheat, $20,000 on steel, and pays workers $80,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches. Please provide what rules/formulas are used to solve this and the final answer.arrow_forward#17 can you explain what the correct answer is and why?arrow_forward
- (Studying Economics) According to the text, economics majors on average make more money than most other majors and have more job opportunities. Are these the primary motivations one might have for studying economics? What are your motivations for studying economics?arrow_forward9. Solve the given question and give the correct answer.arrow_forward7 Please complete blank boxes and show your work. Thank you!arrow_forward
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