Recent Question/Assignment

hi. i am really struggling with these 2 questions on my economics exam and am really in need of help. thanks.
Question 2 on Topic 4 (10 marks)
(a) A handmade watch is valued at $5,000 in 2010, which is 2.5 times its value in 1970. The respective CPIs were 92 in 1970 and 170 in 2010.
(i) Calculate the rate of inflation between 1970 and 2010. (2 marks)
(ii) Between 1970 and 2010, has this watch risen in price faster than at the rate of inflation? Show all workings and justify your answer. (4 marks)
(b) Due to COVID-19 negatively impacting your firm’s business, your boss has had to reduce your pay this year, yet your standard of living actually increased. How can this be so? Explain your thought process with respect to the concept of wages. (4 marks)
Question 3 on Topics 6 & 7 (15 marks)
(a) The economy is doing extremely well, and is growing faster than economists think it should. The finance ministry has advised the government to engage in a fiscal contraction to slowdown the economy. It suggests that this can be done by cutting spending on healthcare and education. The prime minister has asked you, as her chief economic advisor, for your views. In particular, she wishes to know the following:
(i) Would cutting government spending on healthcare and education slowdown the economy immediately and will it also continue to slowdown the economy into the future? Your advise on this is ____________________ (provide your answer and justification on both the immediate and future impact. Feel free to use external resources to assist you in your answer if you prefer). (5 marks)
(ii) She has also heard that cutting spending reduces the level of debt and improves the budgetary situation, so this initial cut in government expenditure will eventually lead to a better economic outlook. She wants to know your opinion on this. Your advise is ____________________ (provide your answer and justification. Feel free to use external resources to assist you in your answer if you prefer). (5 marks)

Looking for answers ?

Recent Questions

It is due this Saturday 22nd Jan and needs to be 3500 words and APA referencing.I was using another company but the assignment came back and the english is too broken to even understand!I would really...The essays should be 2 paragraphed.1.Provide a two-paragraph reading response “Tidewater to Tamba” reading this week. The first paragraph will summarize the reading and the second will provide your reaction...ACCT6004 Finance Session 3, 2021Assessment 3: Business Case Studies 2Due date: 28 January 2022, 11PMThis assignment has a 25% weighting in your overall mark for this unit and focuses on content from Topics...You have to use R studio to make this assignment. Look the questions to answer are in the SDM applied project and excel dataset can be found in the excel file attached. A screenshot and r studio needs...FNS50615 Diploma of FINANCIAL PLANNINGFNSFPL506 Determine client financial requirements and expectationsAssessment 2 - Performance Page 1 of 7Instructions to complete this assessmentIn order to complete...Activity 1Explain some of the basic terms and conditions a customer must meet before a financial product will be supplied by an AFSL.(Explain financial product service terms and conditions).Activity 2Why...Topic: Empirically explore the impact of GST on the Indian economy.You have to empirically work on the above topic using actual data from the RBI Handbook of Statistics. All Questions