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Anna35 [415]
3 years ago
8

14. Two alternative measures of the overall level of prices are a. the inflation rate and the consumer price index. b. the infla

tion rate and the GDP deflator. c. the GDP deflator and the consumer price index. d. the cost of living index and nominal GDP
Business
1 answer:
san4es73 [151]3 years ago
5 0

Answer:

c. the GDP deflator and the consumer price index.

Explanation:

Two alternative measures of the overall level of prices are the GDP deflator and the consumer price index.

The GDP deflator can be defined as a measure of the changes in prices for all of the finished goods and services produced domestically in an economy in a particular period of time, usually a year. This simply means that, the gross domestic product deflator measures the inflation in an economy.

Consumer price index (CPI) can be defined as a measure of the aggregate or average changes in price level of a weighted market basket of finished goods and services that consumers purchased over a specific period of time. The CPI is also a measure of the inflation in an economy over a specific period of time.

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bixtya [17]

Answer:

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Explanation:

Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.

Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.

Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.

In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.

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Summarise the following passage in on more than 60w words and supply an appropriate title:every second,1 hectare of the world's
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