Calculate the real GDP for the following years for the Australian economy, given data for nominal GDP and the GDP deflator (2001 is the base year).
Answer to relevant QuestionsDescribe the clockwise and counterclockwise flows that make up the circular flow model of an economy. What is an investment good? Why are some investment goods unintended? What is the MPC? The MPS? What is the relationship between them? Consider the variables income, consumption, and investment. One relationship among them is relatively stable, the other quite volatile. Discuss. "I cut production not because costs were too high, but because demand was too weak." "I cut production not because demand was too weak, but because costs were too high." Which statement best reflects the Keynesian view of ...
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