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Chapter 16 (Misery Index (The economist who invented this index was named…
Chapter 16
Misery Index
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The index helps determine how the average citizen is doing economically and it is calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate.
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European Union
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The European Union is a political and economic union of 28 member states that are located primarily in Europe.
Comparative Advantage
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the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.