1. Distinguish between an absolute advantage and a comparative advantage. Cite an example of a country that has an absolute advantage and one with a comparative advantage. Absolute advantage is when a monopoly exists in a country when it is the only source and product of an item. Meanwhile‚ a comparative advantage is when a country can supply products more efficiently and at a lower cost than it can produce other items. South Africa has an absolute advantage because of its diamonds. The United States
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The Fundamentals of Macroeconomics Before being able to grasp what economics has to offer it is important to understand the terms and concepts that are frequently used in economic. This paper will consist of two parts‚ part one will explain six terms; gross domestic product (GDP)‚ real GDP‚ nominal GDP‚ unemployment rate‚ inflation rate‚ and finally interest rate. Part two will consist of describing how three economic activities‚ such as purchasing of groceries‚ massive layoff of employees‚ and
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Federal Courts and Civil Liberties Federal Courts 1. Describe the federal court system (i.e.‚ all the in-class notes under that section). The supreme court Only one supreme court – created by the constitution Appellate courts – rule on matters of law Bench trials Circuit court of Appeals 13 circuit courts – created by congress Appellate courts – rule on matters of law Bench trials Contains 3 judges – need 2/3 judges District Courts 94 district courts – created by congress (every state
Free Supreme Court of the United States United States Constitution President of the United States
Response for 12th Night If there is one literal device to explain the play by Shakespeare Twelfth Night‚ or What You Will‚ it is dramatic irony. Not only does Twelfth Night have dramatic irony repeated in almost every act‚ but even the ending is one dramatic irony – but instead of the irony directed towards a character‚ it’s directed to the audience of the play. Furthermore‚ dramatic irony is used effectively‚ because of not only adding comedic relief but also to elaborate the story line. One
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Fundamentals of Macroeconomics Lisa Rasch ECO/372 June 18th‚ 2012 Sigmund Karczewski Fundamental of Macroeconomics Part 1 * Gross Domestic Product (GDP)- GDP is the value of all goods and services that have been produced in a country within a period of time. * Real GDP- Real GDP refers to the value of all goods and services that has been adjusted for inflation or deflation. * Nominal GDP- Nominal GDP refers to the value of all goods and services that has not been adjusted for
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Macroeconomic Forecast Outline Macroeconomics is‚ "the part of economics concerned with the economy as a whole; with such major aggregates as the household‚ business‚ and government sectors; and with measures of the total economy" (McConnell & Brue‚ p.13). "Two of the most critical questions in macroeconomics are: (1) What determines the level of GDP‚ given a nation ’s production capacity? (2) What causes real GDP to rise in one period and to fall in another?" (McConnell & Brue‚ p.72). So
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Chapter 2: Date of Macroeconomics 1. What components of GDP (if any) would each of the following transactions affect? What will happen to GDP? Explain. a. A family buys a new refrigerator. Answer: Consumption increases because a refrigerator is a good purchased by a household. GDP increases. b. Aunt Jane buys a new house. Answer: Investment increases because a house is an investment good. GDP increases. c. Ford sells a Mustang from its inventory. Answer: Consumption
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Introduction: With the interest rates having been cut four times since December 2009‚ by 350 basis points‚ the South African Reserve Bank (SARB) declared that the domestic economy is slowing. Two consecutive quarters of negative growth is evidence that an economy is in recession. The contraction in growth is believed to have been caused by a slump in export demand‚ forcing both manufacturers and miners to cut production. The SARB’s monetary policy committee is in meeting to discuss further rate
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shows that students who reported being bullied in the 10th grade saw a slight decrease in GPA by 12th grade -- but the change is sharper for black and Latino students who tend to earn high grades. While the overall decrease in GPA for bullied students over the studied period was 0.049 points (on a GPA scale with 0 being the lowest and 4 being the highest)‚ black students saw a 0.3-point decrease in 12th grade GPA from a 3.5 GPA in 9th grade -- before they were bullied.” Without a doubt‚ insecurity
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February 21‚ 2012 DONNIE McGRAW‚ Appellant v. BROWN REALTY COMPANY‚ Appellee FACTS: Donnie McGraw signed a lease with Brown Realty Company located at 7307 South Westmorland Road‚ Dallas‚ Texas where he would be running a restaurant. On December 24‚ 2003 when McGraw signed the contract he agreed that the lease would be from February 15‚ 2004 through February 14‚ 2009 where he would be paying $3‚450 a month a totaling $207‚ 000 at the end. On March 3‚ 2004 McGraw sent Gary Brown‚ the president
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