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Angola economists are working on the country's figues. Find the (a) GDP deflator (b) Nominal GDP (c) Real GDP (d) what is the growth for Angolan GDP for 2013? If the 2013 price is $10, quantities = 50 million; While the year 2000, which is the base year for calculating real GDP had price at $10 and 45 million total quantity of items produced for the year?
The current price of gold is $1,800 an ounce, and the current futures price is 1,850 an ounce. Suppose you expect the price of gold to rise and you enter a long position into a future contract to buy gold. What is the amount that you must deposit (ei..
If the perfectly competitive market demand for cholesterol-free cookies shifts from QD,93 = 1,150 - 5P to QD,94 = 1,640 - 5P, and the market supply is given by QS = -100 + 2P, then the change in equilibrium price will be?
What is the change in checkable deposits?
A US automobile factory uses $100,000 worth of parts purchased from foreign countries along with U.S. inputs to produce 30 cars worth $20,000 each. Twenty of these cars are sold and 10 are left in inventory. How much did these actions add to GDP?
Define the five types of “production effects” of economic growth in a country and the five types of “consumption effects” of the economic growth. Then define the types of possible “overall” or “net” effects of the country’s growth on the relative imp..
The production function at Ginko's Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min(L,..
For each of the following, identify whether the statement is true, false or uncertain and justify your answer. a) If everyone has the same marginal rate of substitution, then the allocation is Pareto efficient. b) If a policy change increases social ..
The Errata Book Company is a firm that sells its book to two types of consumers, type 1 and type 2. The marginal revenue Errata gets from type 1 consumers is: MR1 = 20 - 2Q1, and the marginal revenue Errata gets from type 2 consumers is: MR2 = 15 - 3..
Consider a country with an economic structure consistent with the assumptions of the classical model. Suppose that businesses in this nation suddenly anticipate higher future profitability from investments they undertake today.
Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
British historian of late 19th century, (Acton, 1887) said that "power tends to corrupt; absolute power corrupts absolutely," suggesting that a person's sense of morality lessens as his or her power increases. Do you agree? Considering this idea, is ..
In a well-researched essay, explain how the company has used the consumer decision process model to effectively market the product or service to you. This essay should detail the strategy based on the model, explain why the strategy was successful fo..
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