Answers to Textbook Questions and Problems CHAPTER 1 The Science of Macroeconomics Questions for Review 1. Microeconomics is the study of how individual firms and households make decisions, and how they interact with one another. Microeconomic models of firms and households are based on principles of optimization—firms and households do the best they can given the constraints they face. For example, households choose which goods to purchase in order to maximize their utility, whereas
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CULTURAL SELF-PORTRAIT AND REFLECTION By Manuel Chong Filipino-Chinese. That is what I am. The term “Filipino-Chinese” simply refers to a Chinese descent born and bred in the Philippines. Being a third generation Chinese in the Philippines, I did not grow up in a culture that is purely Chinese nor is it purely Filipino. The older generation of Filipino-Chinese is trying their best to pass on to the younger ones the traditional Chinese teachings which they acquired and learned from their ancestors
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development of poor theories to solve it. This explains why, a decade after implementing Structural Adjustment Programs (SAP) advanced by the World Bank and the International Monetary Fund (IMF), many African countries have still not made measurable progress. Africa is much worse off today than it was a decade ago because African economists and the world bodies have a poor perception of the African economic problem and so designed SAP—a program which cannot stimulate growth. Why do Structural Adjustment
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seen through its food, music, cinema, and especially fashion. Italy is one of the biggest fashion powerhouses in the world to date. With designers such as Gucci, Giorgio Armani, Dolce and Gabbana, Ferragamo, Fendi, Prada, and Versace, it is no wonder why Italy is a global hot spot for high quality apparel. However, Italy wasn’t always the fashion icon that it is today. At a point in time Italy took a back seat to London and Paris in regards to fashion. Soon after its splurge in arts
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Introduction There are many things to be said about Russia, the biggest country in the world. With a rich history and proud people it has shaped todays world in many ways. As a former host of communist USSR, Russia today is considered to be a democratic country. The Russian flag consists of three horizontal stripes. The top stripe is white, the middle one is blue, and the bottom one is red. Russia’s current flag was adapted on August 21, 1991. Even though nobody is quiet sure what the colors in
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in her article Keeping ahead of the robots. While interviewing a professor at the Institute of Technology Yisong Yue and CEO of Hiring Solved Shon Burton, they discuss major concerns that people should consider today. According to expert’s views due to automation, the unemployment rate will be getting higher. Robots will replace humans in lots of fields where the job is predictable and repetitive. Practically in any field, there are some activities that robots can do. In their conversation
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Quality Health Index, it seems like air pollution is not that serious. However, we need to consider the concentration of the air pollutant. When it is in high level, it is not safe for us especially for children to go out even when the AQHI is low. The World Health Organization set up a Air Quality Guidelines(AQG) for the air pollutant concentrations. The standard for the air pollutant nitrogen Dioxide, PM10 and PM2.5 are 40, 20 and 10 micrograms per cubic metre. According to the Environmental Protection
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broken out of the eggs and is eagerly waiting to spread out its wings in the open sky of freedom and hope.” Power of Youth Youth is the spring of Life. It is the age of discovery and dreams. India is of largest youth population in the world today. The entire world is eyeing India as a source of technical manpower. They are looking at our youth as a source of talents at low costs for their future super profits. If Indian youth make up their mind and work in close unity with working class people, they
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things such as sections of a town, positions in a company, type of company worked for, and religion. Today these boundaries are crossed. When I was growing up in Youngstown, OH there were certain sections of the town where certain cultures and nationalities lived. There was one area where mainly Italians lived, another where African Americans lived, and still another where the Polish community lived. Today these subdivisions are not nearly as numerous. I have
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United Kingdom is one of the best economies in the world It is the third-largest in Europe measured by nominal Gross Domestic Product(GDP) and sixth in the world. The British economy is made out of England, Scotland, Wales and Northern Ireland. For an economy the national output and national income are very important and we can calculate both of these by GDP, which refers to the market value of all finished goods and services produced within a country in a given period of time. We can calculate
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