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{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31530\fbidi \froman\fcharset0\fprq2 Cambria;}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}
{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}
{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31540\fbidi \froman\fcharset0\fprq2 Times New Roman;}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
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{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
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{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
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{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
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{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhiminor\f31570\fbidi \fswiss\fcharset0\fprq2 Calibri;}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}
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{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31580\fbidi \froman\fcharset0\fprq2 Times New Roman;}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}
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\f1\fs24\lang9\langfe1049\langnp9\insrsid3295528\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Briefly explain the last two principles}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 \hich\f1  (\'93\loch\f1 Rational people think at \hich\af1\dbch\af31505\loch\f1 \hich\f1 the margin\'94\loch\f1 \hich\f1  and \'93\loch\f1 \hich\f1 People react to incentives\'94\loch\f1 )}{\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid3295528\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  of how people make decisions. Support your ideas with examples for each principle.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 3.\tab}}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Shortly explain the three principles regarding the way people interact with one another. Support your ideas with examples fo\hich\af1\dbch\af31505\loch\f1 
r each principle.
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Shortly explain the three principles of how economy as a whole works. Support your ideas with examples for each principle.
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Explain the two primary causes of market failure and give an example of each.
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\f1\fs24\lang9\langfe1049\langnp9\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 \hich\f1 What does the \'93\loch\f1 invisible han\hich\af1\dbch\af31505\loch\f1 \hich\f1 d\'94\loch\f1  of the marketplace do?
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 7.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain the term "inflation". How are unemployment and inflation related in the short run?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 8.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid864262 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain 'The production possibilities frontier" model. Interpret the graphic given below.
\par }\pard \ltrpar\qr \li720\ri0\sa200\sl276\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid864262 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 {\*\shppict
{\pict{\*\picprop\shplid1025{\sp{\sn shapeType}{\sv 75}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn pibFlags}{\sv 2}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}
\picscalex141\picscaley147\piccropl0\piccropr0\piccropt0\piccropb0\picw5927\pich5953\picwgoal3360\pichgoal3375\pngblip\bliptag14924718{\*\blipuid 00e3bbae95dd72ca41d3751fbb9703dc}
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010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010103020202020202020202020202040000002701ffff030000000000}}}{\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid864262\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid9980526\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 9.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid9980526 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid9980526\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain the circular-flow diagram and its importance in economics.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid9980526\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 10.\tab}\hich\af1\dbch\af31505\loch\f1 
Identify the positive and normative statements and the way they are related to each other.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 11.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain what observation, theory, model and assumptions are. Why do economists make assumptions?
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 12.\tab}\hich\af1\dbch\af31505\loch\f1  }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid9980526\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 What are the two }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 big }{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid9980526\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 s}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 ubfields of economics? Clarify what each subfield studies.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 13.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid9980526 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Identify}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid474413\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  how comparative advantage and absolute advantage}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11750294\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1  differ and }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid3290388\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 how they are important}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid11750294\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  for trade.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15758076\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 14.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid16067955 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Leyla can read 20 pages of microeconomics in an hour. She can also read 50 pages of macroeconomics in an hour. She spends 5 hours per day studying. 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls11\rin0\lin1080\itap0\pararsid16067955 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Draw Leyla\hich\f1 \rquote \loch\f1 
s production possibilities frontier for\hich\af1\dbch\af31505\loch\f1  reading economics and accounting.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}\hich\af1\dbch\af31505\loch\f1 What is Leyla\hich\f1 \rquote \loch\f1 
s opportunity cost of reading 100 pages of macroeconomics?
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid11750294\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 15.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid16067955 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11750294\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
The following table depicts the production possibilities of two cities in Australia:
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts15\trgaph108\trleft612\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13655360\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3077\clshdrawnil \cellx3689\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx6743
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx9797\pard\plain \ltrpar
\qc \li0\ri0\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid1520124\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Name of the city\cell \hich\af1\dbch\af31505\loch\f1 Pairs of yellow socks per worker per hour\cell \hich\af1\dbch\af31505\loch\f1 
Pairs of black socks per worker per hour\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15621963\charrsid15621963 \trowd \irow0\irowband0\ltrrow\ts15\trgaph108\trleft612
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13655360\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3077\clshdrawnil \cellx3689\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx6743
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\qc \li0\ri0\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid1520124\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Perth\cell \hich\af1\dbch\af31505\loch\f1 3\cell \hich\af1\dbch\af31505\loch\f1 3\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid15621963\charrsid15621963 \trowd \irow1\irowband1\ltrrow\ts15\trgaph108\trleft612\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv
\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13655360\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3077\clshdrawnil \cellx3689\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx6743\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\qc \li0\ri0\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid1520124\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Canberra\cell \hich\af1\dbch\af31505\loch\f1 2\cell \hich\af1\dbch\af31505\loch\f1 1\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid15621963\charrsid15621963 \trowd \irow2\irowband2\lastrow \ltrrow\ts15\trgaph108\trleft612\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv
\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13655360\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3077\clshdrawnil \cellx3689\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx6743\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3054\clshdrawnil \cellx9797\row }\pard \ltrpar
\ql \li720\ri0\sa200\sl276\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid11750294 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11750294\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls3\rin0\lin1080\itap0\pararsid9640794 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Which city has an absolute advantage in the production of each }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid3295528\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 color}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  sock? 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}\hich\af1\dbch\af31505\loch\f1 Which city has a comparative advantage in the production of each
\hich\af1\dbch\af31505\loch\f1  }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid3295528\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 color}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  sock? 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 16.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid9640794 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 \hich\f1 Explain the terms \'93\loch\f1 \hich\f1 
opportunity cost\'94\loch\f1 \hich\f1  and \'93\loch\f1 \hich\f1 comparative advantage\'94\loch\f1 . Give examples.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 17.\tab}}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Assume that there are 10 million workers in Germany and each of these workers can produce either 4 cars or 2 machines in a year. }{\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid9640794\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls4\rin0\lin1080\itap0\pararsid2821993 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 What \hich\af1\dbch\af31505\loch\f1 
is the opportunity cost of producing a car in Germany?
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}}\pard \ltrpar\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls4\rin0\lin1080\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
What is the opportunity cost of producing a machine in Germany?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid12532287\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 18.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid8334340 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Draw a consumer\hich\f1 \rquote \loch\f1 
s indifference curves for bananas and apples. Describe and explain four properties of these indifference curves.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 19.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Draw a consumer\hich\f1 \rquote \loch\f1 
s indifference curves for milk and cheese. Describe and explain four properties of these indifference curves.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 20.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid8334340 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Can an increase in the price of apples possibly induce a consumer to buy more apples? }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid4399006\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain why inferior goods are not al\hich\af1\dbch\af31505\loch\f1 ways Giffen.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 21.\tab}\hich\af1\dbch\af31505\loch\f1 A person who consumes }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 tea}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  }{\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 and coffee}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1  enjoys $1000 rise in his income (his income increased from $2000 to $3000}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid14757572\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 )}{\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . Demonstrate what ha}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 ppens if tea and coffee are normal goods.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid6827321\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 22.\tab}}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 A person who consumes Coke and Pepsi enjoys $1000 rise in his income (his income increased from $2000 to $3000. Show what happens if Coke is an inferior good.

\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 23.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid5653318\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Explain what income effect and substitution effect are.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 24.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid2821993\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 What is a competitive market? Exp
\hich\af1\dbch\af31505\loch\f1 lain shortly the types of markets other than perfectly competitive markets.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid5321184\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 25.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid15621963 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid5321184\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
What are the supply curve and the supply schedule and how are they related? Why does the supply curve slope upward?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid11957460\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 26.\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid16067955\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Leyla\hich\f1 \rquote \loch\f1 
s income reduces and as a result she buys more pot\hich\af1\dbch\af31505\loch\f1 atoes. Is potato a normal or an inferior good for Leyla? Describe how her demand curve would change with this?
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid4091916\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 27.\tab}}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid4091916\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Explain the following statements using supply and demand diagrams.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang9\langfe1049\langnp9\insrsid5321184\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid4091916\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\nowidctlpar\wrapdefault\faauto\ls5\rin0\lin1080\itap0\pararsid4091916 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid4091916\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
When the weather turns to be warmer in Brighton, the prices of hotel rooms in Caribbean resorts decrease.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang9\langfe1049\langnp9\insrsid4091916\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}\hich\af1\dbch\af31505\loch\f1 
When a wild hurricane hits Florida, the price of orange juice goes up in supermarkets all over 
\par }\pard \ltrpar\ql \li1080\ri0\sa200\sl276\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1080\itap0\pararsid15621963 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid15621963 \hich\af1\dbch\af31505\loch\f1 the country.}{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang9\langfe1049\langnp9\insrsid13655360\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 28.\tab}}\pard \ltrpar
\ql \fi-360\li720\ri0\widctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid13655360 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Ketchup is a complement for hot dogs. If the price of hot dogs rises, what happens to the market for ketchup? For tomatoes? For tomato juice? For orange juice?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 29.\tab}}\pard \ltrpar
\ql \fi-360\li720\ri0\widctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Explain how a firm
\hich\f1 \rquote \loch\f1 s production function is related to its marginal product of labor.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11405203\charrsid15621963 
\par }\pard \ltrpar\ql \li1080\ri0\widctlpar\wrapdefault\faauto\rin0\lin1080\itap0\pararsid1466855 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 30.\tab}}\pard \ltrpar
\ql \fi-360\li720\ri0\widctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 \hich\f1 Explain \'93
\loch\f1 \hich\f1 diminishing marginal product\'94\loch\f1 \hich\f1  and \'93\loch\f1 \hich\f1 value of the marginal product\'94.
\par }\pard\plain \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid1466855 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 31.\tab}}\pard\plain \ltrpar
\ql \fi-360\li720\ri0\widctlpar\wrapdefault\faauto\ls1\rin0\lin720\itap0\pararsid15621963 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Identify what can cause the labor demand curve and labor supply curve to shift?
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 32.\tab}}\pard\plain \ltrpar\s16\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin1080\itap0\pararsid13655360 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Miralam opens a Chicken Kebab restaurant in Baku which employs 8 people. The employees are \hich\af1\dbch\af31505\loch\f1 
paid $8 per hour, and a chicken kebab there sells for $2. If Miralam is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker\hich\f1 \rquote \loch\f1 s marginal product?
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid5986519\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 33.\tab}}\pard \ltrpar\s16\ql \fi-360\li1080\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin1080\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid5986519\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
A freeze in Florida destroys part of the Flori\hich\af1\dbch\af31505\loch\f1 da orange crop.  Assume that the price of apples doubles and }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 the marginal product falls by 35}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid5986519\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
%. What happens to the equilibrium wage of orange buyers? }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 34.\tab}\hich\af1\dbch\af31505\loch\f1 
Explain positive and negative externalities. Give examples for each.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 35.\tab}\hich\af1\dbch\af31505\loch\f1 How can the private market 
\hich\af1\dbch\af31505\loch\f1 be effective in handling externalities? Explain the Coase theorem.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 36.\tab}\hich\af1\dbch\af31505\loch\f1 \hich\f1 Define the term \'93\loch\f1 \hich\f1 
externality\'94\loch\f1 . How are the externalities associated with the production of goods or consumption?
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 37.\tab}\hich\af1\dbch\af31505\loch\f1 W\hich\af1\dbch\af31505\loch\f1 
hat are the private solutions to externalities and why do not they always work?
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 38.\tab}\hich\af1\dbch\af31505\loch\f1 Identify the policies towards externalities. 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 39.\tab}}\pard \ltrpar\s16\ql \fi-360\li720\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  }{\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Briefly explain general equilibrium model.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid12532287\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 40. }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Explain}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  the importance of general equilibrium model}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 and }{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \loch\af1\dbch\af31505\hich\f1 \'93\loch\f1 \hich\f1 Edgeworth Box\'94.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 41}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 .}{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  Explain the general equilibrium and Pareto efficiency.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 42}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 .}{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  Identify the theorems of Welfare Economics.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 43}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 .}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid8676178\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1  Explain the theorems of Welfare Economics. What do they suggest?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 44}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid14489675\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Define compensating differential and give an example.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid2299663\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 45}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid14489675\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 \hich\f1 . Define the term \'93\loch\f1 d\hich\af1\dbch\af31505\loch\f1 \hich\f1 iscrimination\'94\loch\f1  in economics and problems with gauging it.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 46}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid14489675\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . What are the determinants of equilibrium wages?
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 47}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid14489675\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
. College students sometimes find internships in private firms or government. Lots of these positions do not pay anything. What is the opportuni\hich\af1\dbch\af31505\loch\f1 ty cost of taking such a job and why students are}{\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  likely to take such jobs then?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid3295528 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 48}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid14489675\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . Explain why a worker\hich\f1 \rquote \loch\f1 
s wage might be above the level that balances supply and demand.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid9788152\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 49}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid9788152\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Discuss the measureme\hich\af1\dbch\af31505\loch\f1 
nt of inequality and its problems. Refer to the four questions which are helpful in measuring inequality.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid9788152\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid14757572 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 50}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . Discuss poverty rate as a gauge used }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid14757572\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 for the distribution of income.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 51}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid14757572\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Identify the policies to decrease poverty.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 52}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Discuss the types of unemp\hich\af1\dbch\af31505\loch\f1 
loyment and how to deal with them.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid11957460 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 53}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . List the policies aimed at helping the poor and stat}{\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 e their benefits and drawbacks.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 54}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 How do economists generally measure the cost of living? How CPI is calculated?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid12287596\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 55}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . What are the stages of calculating the consume\hich\af1\dbch\af31505\loch\f1 r price index?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 56}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . What are problems in measuring the cost of living?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 57}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid13655360\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Explain GDP deflator and Consumer Price Index (CPI).}{\rtlch\fcs1 \af1\afs24 
\ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 58}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Explain the meaning of real interest rate and nominal interest rate. How are they related?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 59}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Discuss the measurement of Gross Domestic Product.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 60}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Decompose GDP and explain each composition.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 61}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Differentiate between real and nominal GDP. Which one is the better measure of economic well-being and why?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 62}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Discuss why policymakers should care ab\hich\af1\dbch\af31505\loch\f1 out GDP. 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 63}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Answer the questions based on the table given below:
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid2836175\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\pard\plain \ltrpar
\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid2836175\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Year\cell \hich\af1\dbch\af31505\loch\f1 Nominal GDP (in billions)\cell \hich\af1\dbch\af31505\loch\f1 
GDP deflator (base year: 2010)\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 \trowd \irow0\irowband0\ltrrow
\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid2836175\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid2836175\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 2015\cell \hich\af1\dbch\af31505\loch\f1 8,662\cell \hich\af1\dbch\af31505\loch\f1 110\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 \trowd \irow1\irowband1\ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 
\trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid2836175\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid2836175\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 2016\cell \hich\af1\dbch\af31505\loch\f1 8,111\cell \hich\af1\dbch\af31505\loch\f1 112\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 \trowd \irow2\irowband2\lastrow \ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid2836175\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row }\pard\plain \ltrpar
\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid3295528\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\s16\ql \fi-360\li1068\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls8\adjustright\rin0\lin1068\itap0\pararsid2836175 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Calculate the growth rate of nominal GDP between 2015 and 2016.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}}\pard \ltrpar\s16\ql \fi-360\li1068\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls8\adjustright\rin0\lin1068\itap0\pararsid12614194 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Calculate the real GDP in 2015 and 2016 measured in 2010 prices.
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2836175 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 6}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 4}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . Answer the questions based on the table given below:
\par \ltrrow}\pard\plain \ltrpar\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid226631\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Year\cell 
\hich\af1\dbch\af31505\loch\f1 Nominal GDP (in billions)\cell \hich\af1\dbch\af31505\loch\f1 GDP deflator (base year: 2011)\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 
\trowd \irow0\irowband0\ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid226631\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid226631\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 2014\cell \hich\af1\dbch\af31505\loch\f1 7,662\cell \hich\af1\dbch\af31505\loch\f1 120\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 \trowd \irow1\irowband1\ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 
\trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid226631\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row \ltrrow}\pard\plain \ltrpar
\s16\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid226631\yts15 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 2015\cell \hich\af1\dbch\af31505\loch\f1 8,211\cell \hich\af1\dbch\af31505\loch\f1 122\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid15621963\charrsid15621963 \trowd \irow2\irowband2\lastrow \ltrrow\ts15\trgaph108\trleft600\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr
\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid226631\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind708\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3301\clshdrawnil \cellx3645\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx6725\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3302\clshdrawnil \cellx9797\row }\pard\plain \ltrpar
\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2836175 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 a)\tab}}\pard \ltrpar\s16\ql \fi-360\li1068\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin1068\itap0\pararsid2836175 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Calculate the growth rate of nominal GDP between 2014 and 2015.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f1\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 b)\tab}}\pard \ltrpar\s16\ql \fi-360\li1068\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin1068\itap0\pararsid12614194 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Calculate the real GDP in 2014 and 2015 measured in 2011 prices.
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 65}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2836175\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Discuss productivity and its role. What are the determinants of productivity?}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid10228539\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 66}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Discuss why productivity and economic growth are important (bring examples).}{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 67}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 Discuss how productivity is determined}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 
\f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 .
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 68}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Explain what diminishing returns and catch-up effect mean.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 69}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Discuss how government policies can influence the economy\hich\f1 \rquote \hich\af1\dbch\af31505\loch\f1 s growth rate.
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 70}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Discuss how unemployment is measured.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid14757572\charrsid15621963 \hich\af1\dbch\af31505\loch\f1  What are the types of unemployment?}{
\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 71}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . Briefly discuss unemployment. How unemployment rate and labor-force participation rate are calculated, respectively?
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2259764 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 72. Why is frictional unemployment inevita\hich\af1\dbch\af31505\loch\f1 ble? How might the government reduce the amount of frictional unemployment?
\par }\pard \ltrpar\s16\ql \li708\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin708\itap0\pararsid2299663 {\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 73}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 \hich\f1 . Explain the term \'93\loch\f1 \hich\f1 natural rate of unemployment
\'94\loch\f1 \hich\f1 . What does the term \'93\loch\f1 \hich\f1 discouraged workers\'94\loch\f1  mean?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11957460\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 7}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 4}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 . Explain how unemployment rate is calculated and why are there always some pe
\hich\af1\dbch\af31505\loch\f1 ople unemployed?
\par }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid2259764\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 75}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\hich\af1\dbch\af31505\loch\f1 . }{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid11102033\charrsid15621963 \hich\af1\dbch\af31505\loch\f1 
Briefly discuss the theory of efficiency wages and the way it explains why there is always some unemployment in economies.}{\rtlch\fcs1 \af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid12614194\charrsid15621963 
\par }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1466855 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1049\langfe1049\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1049\langfenp1049 {\rtlch\fcs1 
\af1\afs24 \ltrch\fcs0 \f1\fs24\lang1033\langfe1049\langnp1033\insrsid1466855\charrsid15621963 
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