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What is the difference between Gross Domestic Product and Gross National Product

Problem 1

What is the diference between Gross Domestic Product and Gross National Product?

Problem 2

The book details four types of unemployment. I am of the belief that the most harmful is structural unemployment. Contrast structural unemployment to the other three forms. Whether you agree with me or not explain why structural unemployment can be more damaging than the other three.

Problem 3

Explain how infaton can have redistributve effects in the economy. Do you think the Federal Reserve over-emphasizes infaton as a policy concern? Why, or why not?

Problem 4

Forty years ago, the price of a new Volkswagen was $5,000. (Actual price adjusted to simplify The calculaton). The price of a new Volkswagen is $25,000 today. Basing your answer solely on the aforementoned prices, by what percent have prices increased over the past forty years? (Show your work). What average annual infaton rate would have resulted in this answer? (Extra credit--show your work).

Problem 5

The example in problem 4 highlights one of the problems in computing inflation rates discussed in the text. What is it?

 

Mar 30 2018 Read more Less More

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