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Question 2: Monopolistic and Oligopoly firms
HI5003 Economics for Business: First Tutorial Submission Question, T1 2020
Question 2
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.
Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.
Question 3
Examine the fundamental causes of a nation’s business cycle fluctuations. Also, examine the relationship between total spending by government and consumers in a nation and the location of the countries’ GDP on the business cycle.
You anticipate that the inflation rate will be 4% during the year. However, the actual inflation rate for the year is 6%.
Calculate the impact of inflation on the bank term deposit you have and examine the effects of inflation in your city of residence with attention to food and accommodation expenses.
Of this population of 20.8 million Australians, 13.5 million were employed and
0.7 million were unemployed.
Calculate Australia’s labor force and the number of people in the civilian population who were not in the labor force? Also, with examples examine the causes of structural unemployment in Australia
Question 5
Use the Aggregate supply and Aggregate Demand Model below to answer the questions that follow.
(i) Examine the influence of government expenditure on investment in a nation. Use Jot Inc. Ltd a multinational construction company in which you are the Chief Exec of the firm that that is highly diversified and recieves funds to construct highways and other government funded projects. Also, explain the factors that cause the Aggregate Demand curve to be downward sloping left to right.
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