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Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold? Define net exports. Explain how US exports and imports each affect domestic production. How are net exports determined? Explain how net exports might be a negative amount.
Suppose the following table reflects the domestic supply and demand for compact discs (CD’s). Now suppose that foreigners enter the market, offering to sell an unlimited supply of CD’s for $6 apiece. Illustrate and identify.
Consider that two drugs are available for the management of diabetic patients. The first, drug, the current practice, costs $12,000 over 15 years. The new drug costs $7,500 over 15 years. The outcome measure, quality adjusted life years (QALY) with t..
How would the value of output produced at an American-owned factory in the United States and a foreign-owned factory in the United States be treated in GDP accounting?
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, imagine that $300 is deposited into a checking account. By how much more does the money supply increase if the Fed lowers the required reserve ratio to 7%?
illustrate what constitutes a perfectly competitive marketplace structure. Support your argument with empirical evidence wherever possible.
The current price for a good is $20, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 10 percent to $18, consumer surplus (increases, decreases by $___.
What is the relationship between the marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the RC model.
Hardwood Cutters presents seasoned as well split fireplace logs to consumers in Toledo, Ohio. The low-cost provider company is of firewood in market with fixed costs.
q. two soft drinks sit side-by-side in a grocery store a six-pack of coca-cola a brand name sells for 3.00 while a
If the marginal revenue from a product is $15 and the price elasticity of demand is ?1.2, what is the price of the product?
The smaller the price elasticity of demand, the
Do you think the unemployment insurance program in the USA should be made more generous (like some European countries), or less generous? Why or why not?
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