Suppose a firm’s production function is given by q = 2L + 2K. The firm’s target level of output is 20. Suppose that the wage rate is $5 per hour…
September 3, 2020
Questions are below. 150 words minimum.There are various forms of unemployment. There are also ongoing debates on the effectiveness of measuring the rate of unemployment and its policy implications.W
September 3, 2020

1)    Explain what is the difference between real and nominal GDP?

2 ) and explain why do economists need to make this distinction?

3)   Is the CPI a biased measure of the inflation rate? Explain your answer.

KM
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