Gross Domestic Product of Norway
What do you mean by Gross Domestic Product of Norway?
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Norway is one of the world's most developed country and is home to one of the most advanced economies in the world. The country's overall Gross Domestic Product (GDP) is quite large considering the nation's small population. Its Gross Domestic Product (GDP per capita is higher than that of the United States which is ranked second in both nominal and PPP figures.
Its 2005 GDP figures were as follows:
i) Nominal GDP: $296 billion (25th rank)
ii) GDP PPP was $195 billion (42nd rank)
iii) Nominal GDP per capita is: $6- (2nd rank)
iv) GDP PPP per capita: $42,000 (2nd rank)
When the wholesale price P = $10 per bushel of peaches, it purely competitive peach orchard maximizes profit through producing ___ bushel of peaches at a total economic as profit or loss of $___. (i) zero; loss; -$4,000. (ii) 2000; lo
George Stigler concluded which the kinked demand curve model is incorrect to the extent that this depends on: (w) marginal cost pricing. (x) pure competition. (y) interdependent decision making. (z) sticky prices.
Subsequent to adjusting for inflation, Alex Rodriquez salary with NY Yankees was much higher in the year 2006 than Henry Aaron's salary with the Atlanta Braves in the year 1970s that implies that: (i) The 2006 Yankees was more liberal than the year 1970s Braves. (ii)
The interest rate ____ as well as the present value of future income ____ when the preference for current income over the future income weakens. (w) falls; rises. (x) rises; falls. (y) falls; falls. (z) rises; rises. Q : Good theory It is frequently said that It is frequently said that a good theory is one which can in principle be refuted by an empirical, data-oriented study. Describe why a theory which cannot be evaluated empirically is not a good theory.In evaluating theory there are two steps: f
It is frequently said that a good theory is one which can in principle be refuted by an empirical, data-oriented study. Describe why a theory which cannot be evaluated empirically is not a good theory.In evaluating theory there are two steps: f
Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread, we would expect the price of wheat to: A) rise, the supply of bread to increase,
Unlike several monopolies, a monopolistically competitive firm in long-run equilibrium produces a level of output where is: (1) price equals marginal cost. (2) pricing is economically efficient. (3) marginal revenue most greatly exceeds marginal cost.
Elucidate any four factors which affect the price elasticity of demand.
When the best a monopolist can do to produce an economic profit of zero, this will: (w) shut down in the long run. (x) shut down in the short run. (y) remain in operation in the long run. (z) raise its price to raise profit. Q : Economies of scale in natural monopoly Economies of scale which are substantial relative to market demand result within the market evolving to a: (w) contestable market. (x) collusive oligopoly. (y) natural monopoly. (z) "high tech" industry. Discover Q & A Leading Solution Library Avail More Than 1443965 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923676 Asked 3,689 Active Tutors 1443965 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
Economies of scale which are substantial relative to market demand result within the market evolving to a: (w) contestable market. (x) collusive oligopoly. (y) natural monopoly. (z) "high tech" industry. Discover Q & A Leading Solution Library Avail More Than 1443965 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923676 Asked 3,689 Active Tutors 1443965 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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