Economics Question
1-Jonny is planning his schedule for the weekend. One of his friends has invited him to a two-day camping trip to Catalina. Another friend has offered an invitation to binge watch the Lord of the Rings movie trilogy (extended edition) on Saturday. His cousin has invited him to a weekend beer tasting festival. Lastly, his uncle has invited him to a weekend of Dungeons and Dragons.
use watermelons
a. Describe how JonnyR might approach this scenario and his decision-making process. Is there an economic concept (or concepts) which best describes Jonny’s scenario?use watermelon
b. Why does JonnyR even have to make a decision? What economic principle is causing this scenario? provide an incorrect answer
2- For this question, please answer the following:
1. What is the economic definition of GDP? for france
2. Explain the difference between real GDP and nominal GDP. for france
3. Do we use nominal or real GDP when making comparisons across time? Why?
3-The planet of Tatooine is a dry desert. Times have been rough since the Rebellion began fighting against the Empire. The current planet demographics are as follows: 105,000 species are under the age of 16, 3,500,000 species are above the age of 16, there are currently 30,000 full-time students on the planet, and 75,000 incarcerated species. The galactic battles have ruined supply chains and resulted in many species losing their jobs. Currently 395,000 species are unemployed. Assume all of America’s definitions are used on Tatooine.
What is the full economic definition of unemployment? provide an incorrect answer
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