https://gradehunters.net/wp-content/uploads/2021/04/logo-300x60.png 0 0 paul https://gradehunters.net/wp-content/uploads/2021/04/logo-300x60.png paul2021-10-12 21:42:012021-10-12 21:42:01macro questions
- One important term that we evaluate in economics is that of scarcity. How does the role of scarcity affect decisions that you have to make?
- When looking at prices, you will find that they are always changing in our economy. Why do you think this is important to evaluate for our economy?
- When looking at the law of demand, you will find that this is an inverse relationship between price and quantity demanded. How do you relate the law of demand to a recent purchase that you have had to make?
- Where have you experienced a shortage before in a store? If you were a store owner, how would you solve for this particular problem?
- Why do you think GDP will affect our ability for the economy to grow?
- What is more important to evaluate, the real or nominal GDP in measuring economic growth?
- When looking at inflation, you will find that this is the general increase in the price level. How does inflation affect your daily decisions?
- When looking at the US our GDP Per Capita is $51,000 and China is $3,750. What does this mean about each of the economies and how do you think the US can make that number higher?
- What are the limitations of evaluating the GDP?
- What is an example of demand-pull inflation? How does it affect our daily decisions that we have to make?
- What type of interest rate is more important to evaluate, your real or nominal interest rates?
answer the questions above in 50-100 words