Macro economics INTRODUCTION 1 Ten Principles of Economics Economy. . . . . . The word economy comes from a Greek word for ―one who manages a household.‖ Ten principles…
Money: Functions of Money The Four Jobs of Money • Medium of exchange • Standard of value/Unit of account • Store of value • Standard of deferred payments • Medium…
ANSWERS TO HOMEWORK QUESTIONS Chapter 3 Review Questions 1. A production function shows how much output can be produced with a given amount of capital and labor. The production…
BS 2010 Inflation in Pakistan Information Technology Department Economics Report Submitted by Qanita Zakir Submitted to Nighat Moin CONTENTS ABSTRACT INFLATION Introduction…
Mid-term Exam Multiple Choice Questions 1. Economics is a social science that studies how individuals, institutions, and society may: A. Expand the amount of productive resources…
Calculating GDP Nominal GDP, Real GDP, and the GDP Deflator There are two ways that GDP can increase: An increase in the PRICES of goods and services. An increase in the…
EC 102 — Part II Solutions to the Problem Sets Javier Ortega July 18, 2010 1 Solutions to Problem Set 1: Open Economy 1. Mankiw, Chapter 5, Problem 1. Use the model of…