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Gross Domestic Product involves a calculation of the total value of the goods and services generated within an economy in a stated or identified time period. The main difference between real GDP and nominal GDP is that nominal GDP does not consider how inflation affects the price of goods over time. What is the best way to measure our economy?
The concept of GDP is used to measure the economic health of a country. A country can have a positive GDP but not necessarily economic well-being in that particular country. Can you think of an example where this is present?
A demand curve that is horizontal indicates that the commodity
Explain how difficulty will it be for the owner to plan for this new competitive threat.
Your company sells expensive, branded fountain pens. There are 100,000 people aware of your pens. Each of these 100,000 peoples has his or her own willingness to pay for your pens. This willingness to pay numbers are uniformly distributed between $0 ..
In a particular industry, labor supply is ES=20+w and labor demand is E D=60-4w , where E is the employment level and w is the hourly wage. What are the equilibrium wage and employment if the labor market is competitive?
Suppose that excess reserves in the Stranda National Bank are $15,000 and the reserve requirement is 4 percent. Illustrate about the maximum amount that the money supply can be increased is.
All of the following could immediately or eventually lead to an outward shift of a nation's production possibilities curve, EXCEPT:
In a market for car insurance, which of the following are examples of statistical discrimination?
Show that a specific tax of $3.70/unit generates the same revenue as a 20% ad valorem tax
Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
In the late nineteenth century, the German sociologist Max Weber described bereaucracies as highly ______ organizations that enabled large numbers of people to get difficult jobs done efficiently.
The Big Mac Index computed by The Economist magazine has consistently found the U.S. dollar to be undervalued against some currencies and overvalued against others. This finding seems to be at odds with the purchasing power parity theory. Explain why..
The problem is to choose x to maximize f(x;a) = ax- 3x^2, where á is exogenous, subject to the constraint. Calculate the first-order condition for this problem. For this problem, which values of x are on the boundary, and which are in the interior?
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