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ECO202 Module 1 case

Question # 00183847
Subject: Economics
Due on: 02/10/2016
Posted On: 02/01/2016 11:21 AM

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Module 1 - Case

Production, Unemployment, and Inflation

Case Assignment

Submit a 4- to 5-page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations

  1. Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each. What is the value of real GDP produced in 2014 using 2013 as the base year? What would be the growth in real GDP?
  2. Why is there unemployment even when the economy is at "full employment"? What are some “costs of unemployment”?
  3. Use the table below:

    1. What is the inflation rate from 2010 to 2011?
    2. Suppose that you have an income of $30,000 in 2008. How much would you need to be able to have the same standard of living in 2009?
    3. What are some of the problems with using the CPI as a measure of standard of living?
  4. Explain some limitations of using GDP as an indicator of standard of living (be sure to do some research on your own).

Assignment Expectations

Use information from the modular background readings as well as any good-quality resource you can find. Make sure you cite all resources you use and provide a reference list at the end of your paper.

Length: 4–5 typed and double-spaced pages.

In addition to the overall quality, depth, grammar, and organization of the paper, the following will, in particular, be assessed:

1. The level of your understanding of the key concepts of the major macroeconomic indicators.

2. Some in-text references to modular background readings (APA formatting encouraged).

Upload your assignment to the Case 1 dropbox when completed.

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ECO202 Module 1 case

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Preview: certain xxxxxxx level xx standard of xxxxxx are the xxxx of xxxx xxxxx The xxxxxxxxxxx in the xxxxxx of goods xxx services, xx xxxxxxxx purchase xx the market x measured by xxx CPI xxx x cost-of-living xxxxx Both the xxxxxxxxxx and the xxxxxxxxxxxxx factors xxxx xxxx an xxxxxx on the xxxxxxxxxxxx well-being affects xxx final xxxx xx living xxxxx Determining the xxxxxx value of xxxxxx goods xxxx xxxxxx and xxxxxxxxx and other xxxxxxx concerns -health, xxxxx quality, xxx xxxxx all xxxxx are significant xx wellbeing and xxxxxxxxx Treating xxx xx an xxxxxxxxx for living xxxxxxxxx are accompanied xx some xxxxxxxxxxx xxxxxxxx and xx the measure xxxxx to incorporate xxx or xxxx xxxxxxxxx products xxxxxxxxx not covering xxx the costs xxxxxxxxxxxxx reflecting xxx xxxxxxxxxxx in xxxxxx or consumption xxxxxxxx that would xxxx to xxxxxx xx relative xxxxx changes The xxxxxxxxx of CPI xxxx remain xxxxxxx xxxxxx the xxxxxx of goods xxxx is the xxxx of xxx xxxxxxxxxxxx is xxxxx revised (Production, xxxxxxxxxxxxx and Inflation, xx d)) xxxxxxxxxxx xx using xxx as an xxxxxxxxx of standard xx Living xxx xxxxxx produced xx an economy, xxxx goods and xxxxxxxx are xxxxxxxxxxxxxx xxxxxxxx using xxx However, only xxx material wealth xx considered xx xxx GDP xxx is an xxxxxxxxx of growth xxxxx and xxxx xxx implicate xxxxxxxx on the xxxxxxx of incomes xxxxxxxxx regarding xxx xxxxxxxxxxxx of xxxxxx generated or xxx negative or xxxxxxxxx costs xxxxxxxxxx xxxx income xxxxxxxxxx The living xxxxxxxxx are usually xxx measuring xxxx xxx the xxxxxxxxxxx of a xxxxxx Some qualitative xxxxxxxx like xxx xxxxxxxx rate, xxx ratio, infant xxxxxxxxx rate, extent xx malnourishment xxx xxxxxxxxxxxxxxxxx the xxxxx of doctor’s xxx person, etc xxxxx have xx xxxxxx on xxx living standards xxx used in xxxxxxxxxxx development xxx xxxxxx of xxx Gross Domestic xxxxxxx is used xx identify xxx xxxxxxxx economic xxxxxx However, there xx evidence of xxxxxxxxxx living xxxxxxxxx xxx to xxxxxx in the xxx (Production, Unemployment, xxx Inflation, xx xxx Since xxxx vital areas xxx left the xxx on xxx xxxxxx standards xxx be affected xx quality variations xxx measurement xxxxxxxxxxx xxx services xxxxxxx by the xxxxxxx child rearing, xxxxxxxxxxxx and xxxxxxx xxxxxx and xxxxxxxxx of the xxxxxx unit are xxxxxxxxx services xxxxx xxxxx is xx market equivalent xxx them, measuring xxxx measurement xx xxxx variable xxxxxxxxxxx is tough xxxxxxxxxxxxx there is x broader xxxxxxx xxxx includes xxx services of x mother according xx UNDP xxxxxxxxxx xxxx.....
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