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What is the difference between real GDP and nominal GDP? Does GDP accurately reflect our nation's productivity?
During 2004, the national average gas price rose from $1.50 a gallon to $2.25 a gallon. The government has stated that the high price of gas will remain as it is. Discuss how this cost influences your decision to buy a new car. Based on your budget, would you buy the large car that gets 7 miles per gallon or the car that gets 25 miles per gallon? Explain.
What is the difference between real GDP and nominal GDP? Does GDP accurately reflect our nation's productivity? Explain your answer.
Illustrate the steps comprised in pricing the television units in order to maximize total revenue.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Use our discussion of price discrimination to justify this argument. What problems do you envisage in implementing the policy?
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Imagine that the firm must choose one of three quality levels: z = 1; z=2; and z = 3. Which quality choice will maximize the firm's profit?
Suppose you are an advisor to President Obama. Illustrate what fiscal policies would you put in place.
Describe what effect an expansionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Write down the relationship between savings, capital formation, and consumption.
Where does cross-price elasticity information is more important.
Suppose that this price cut was completely responsible for its raise in revenues from 460 million yen in 1966 to 640 million yen in 1967. Compute the indicated arc elasticity of demand.
Provide an update on the economy-where is unemployment, what is the outlook for the deficit, what are the overall predictions for 2010 - 2012?
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