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For each question, explain whether the given statement is true, false or uncertain. Start your answer by selecting one of the options – “True”, “False” or “Uncertain” and then provide arguments to justify your selection (be brief and concise and present your arguments in 100 or less words). You need to ensure your assumptions are clear, reasonable and explicit if making any.
a)
On an average, real
b)
The saving rate (gross domestic saving as a % of GDP) in Singapore, a small open economy, was 48% in 2017 while the investment rate (domestic investment as a % of GDP) was 25%. As a result, there was net outflow of capital from Singapore in 2017.
c)
Janet, a mother of two, decides to reduce her working hours to spend more time with her children. By itself, assuming everything else being the same, this development has necessarily resulted in a lower quality of life for Janet due to a fall in income (and resultant fall in economic activity as measured by GDP).
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- Which of the following statements is FALSE? a.) Economists seek to apply the scientific method to social science questions. b.) Experimentation is the core of most economic analysis. c.) The validity of an economic assumption depends on context. d.) Models can provide useful insights even though they are simplifications of reality.arrow_forwardSuppose analysts agree that the losses resulting from climate change will reach x dollars 100 years from now. Use the concept of present value to explain why estimates of what needs to be spent today to combat those losses may vary widely. Would you expect the variation to narrow or get wider if the relevant losses were 200, rather than 100, years into the future? Complete the following using a principle amount = $100. Instructions: Enter your responses rounded to two decimal places. Discount rate / years 2% 5% 20 yrs O the higher rate O the lower rate 50 yrs 100 yrs Is there greater volatility with a lower discount rate or higher discount rate?arrow_forwardexplain whether the given statement is true, false or uncertain. Then provide arguments to justify your selection. On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war. This is because of much lower levels of GDP per capita in USA than in Japan around the second world war time.arrow_forward
- Toilet paper flew off the shelves in the early period of the COVID-19 pandemic. Many have been baffled by this phenomenon but we have to investigate the microeconomics of this situation. Propose economic strategies to prevent another toilet paper crises.arrow_forwardFor this case study assignment, perform the following tasks: Select an American company with a worldwide presence (examples: Starbucks, McDonald's, Walmart). Do research on the worldwide economic crisis of 2008 and, in particular, focus on the company you selected. Discuss how your chosen company faired in the economic crisis of 2008. Discuss the microeconomic implications of the crisis on your company. Discuss whether your company was immune or not immune to the crisis. Discuss the performance after the crisis and the implications for the future.arrow_forwardQuestion 18: Economic theory attempts to predict the outcomes and impacts of a behavior with an assumed set of conditions. A True B Falsearrow_forward
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