These are Discussion questions for Business Economics 150 ward count for each question 1. For many years (actually centuries), the dominant Christian church of the world forbade anyone to print a copy of the Bible in any language other than Latin. After the invention of the printing press, several people printed the Bible in languages other than Latin (including German and English) without permission. Some of those people were convicted and executed. Is this a warning to those who fear that others may understand Scripture differently than the religious leaders of the time? Can this be compared to leaders of firms with monopoly power who try to impose their wishes on the market even if that does not allow free flow of products?
The Bible was originally written in Hebrew for the Old Testament and in Greek for the New Testament. At first, there was fear of corrupt translations. Before the invention of the printing press, all copies had to be done hand written and the church had also banned unauthorized translations. However, later with invention of the printing press, people like William Tyndale were able to print several thousands of copies. The reason for the banned translations was also in an attempt to prevent the rise of English Lutheranism; English rulers forbade printing of the Bible. Yes. This is very comparable to monopolistic leaders who would wish to impose their wishes on the market despite of the fact that it may not be allowing free flow of goods and services. Due to lack of competition, monopolies know that there is lack of a viable substitute. They basically derive their market power from barriers to entry such that they can only benefit.
2. Spending in the United States Economy is typically divided into 4 main categories as shown by your book. The largest category is personal consumption expenditures which usually amount to about 70% of total spending in the economy. Could it be said that the financial health of the typical household is the most important variable in the strength of the country? Explain! It is not right to say that the financial health of a typical household is an important variable in the strength of a country. This is because there are some other categories, maybe smaller, but has major impacts in the strength of a country’s economic soundness. The Gross National Product (GNP) is a nation’s total output of goods and services that are produced in a country. In obtaining the GNP value, only the final value of the product is counted with government spending, private investments and exports also being factored in the consumer purchases. However, it is important to note that investments in any country are a more equally a stronger economic indicator of a country’s economic prowess than in spending. Consumer spending is however carefully watched as it accounts for 70% hence it is the biggest chunk of GDP.
3. One of the confusing concepts in economics relates to nominal versus real interest rates as well as other variables like nominal GDP versus Real GDP. What are the differences in the concepts of "real" and "nominal" in terms of economic variables? Which is more important and how can the terms be explained more clearly to a person not familiar with economic concepts? Note: You may wish to watch the video that, "Real GDP and Nominal GDP" that is available on the "Modules Pane" of this Canvas course. In economic variables, the term “real variable” is one that where the effects of inflation are factored in, for example real interest rate while a nominal valuable is one where the effects of inflation have not been factored in. In GDP (Gross Domestic Product which is the value of all goods and services that are produced in a country), the nominal GDP measures the value of all the goods and services produced in the country in their current prices while real GDP measures the value of goods and services produced but are expressed in the prices of some year called base year. The Real GDP...
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