Ten Principles of Economics - Part 44

Ten Principles of Economics - Part 44

Ten Principles of Economics - Part 44

... amount of income— $100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com- plete equalization of incomes because they accept one of the Ten Principles of Economics ... the form of goods and services rather than cash are called in-kind transfers. Standard measurements of the degree of inequality do not take account of these in-kind transfers....
Ngày tải lên : 18/10/2013, 00:15
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Ten Principles of Economics - Part 47

Ten Principles of Economics - Part 47

... effect tends to make the consumer buy more pizza and more Pepsi. Yet, at the same time, consumption of Pepsi has become less expensive rela- tive to consumption of pizza. This substitution effect tends ... indifference curve. He is now better off than he was. As long as consump- tion in both periods consists of normal goods, he tends to want to use this increase in well-being to enjoy h...
Ngày tải lên : 24/10/2013, 18:15
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Ten Principles of Economics - Part 49

Ten Principles of Economics - Part 49

... United States, his produc- tion is part of U.S. GDP. When an American citizen owns a factory in Haiti, the production at his factory is not part of U.S. GDP. (It is part of Haiti’s GDP.) Thus, items ... regardless of the nationality of the producer. 506 PART EIGHT THE DATA OF MACROECONOMICS CASE STUDY INTERNATIONAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE One way to ga...
Ngày tải lên : 29/10/2013, 01:15
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Ten Principles of Economics - Part 50

Ten Principles of Economics - Part 50

... honey. P RICE Q UANTITY P RICEOF Q UANTITY Y EAR OF M ILK OF M ILK H ONEY OF H ONEY 2001 $1 100 qts. $2 50 qts. 2002 $1 200 $2 100 2003 $2 200 $4 100 510 PART EIGHT THE DATA OF MACROECONOMICS a. Compute ... index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. Each month the Bureau of Labor Statistics, which is part of the Dep...
Ngày tải lên : 29/10/2013, 01:15
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Ten Principles of Economics - Part 1

Ten Principles of Economics - Part 1

... at her part- time job for some extra spending money. scarcity the limited nature of society’s resources economics the study of how society manages its scarce resources CHAPTER 1 TEN PRINCIPLES OF ECONOMICS ... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give you an...
Ngày tải lên : 08/11/2013, 00:15
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Ten Principles of Economics - Part 2

Ten Principles of Economics - Part 2

... studying the short-run and long-run ef- fects of a change in the quantity of money. ECONOMIC MODELS High school biology teachers teach basic anatomy with plastic replicas of the hu- man body. These ... they al- low us to illustrate and evaluate economic theories of the present. THE ROLE OF ASSUMPTIONS If you ask a physicist how long it would take for a marble to fall from the top o...
Ngày tải lên : 08/11/2013, 00:15
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Ten Principles of Economics - Part 3

Ten Principles of Economics - Part 3

... is not always straight- forward. This tendency is rooted in one of the Ten Principles of Economics in Chap- ter 1: People face tradeoffs. Economists are aware that tradeoffs are involved in most ... less of the other. When the economy moves from point A to point C, for instance, society produces more computers but at the ex- pense of producing fewer cars. Another of the Ten...
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Ten Principles of Economics - Part 51

Ten Principles of Economics - Part 51

... that nominal and real interest rates often do not move together. S OURCE : U.S. Department of Labor; U.S. Department of Treasury. 524 PART EIGHT THE DATA OF MACROECONOMICS changes in interest rates, ... raises the price of its cars. Because Volvos are made in Sweden, the car is not part of U.S. GDP. But U.S. consumers buy Volvos, and so the car is part of the typical consume...
Ngày tải lên : 08/11/2013, 00:15
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Ten Principles of Economics - Part 52

Ten Principles of Economics - Part 52

... experienced more rapidly growing productivity. Indeed, one of the Ten Principles of Economics in Chapter 1 is that a country’s stan- dard of living depends on its ability to produce goods and services. Hence, ... the quan- tity of inputs used in production and the quantity of output from production. For example, sup- pose Y denotes the quantity of output, L the quantity of...
Ngày tải lên : 08/11/2013, 00:15
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