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Answer in true or False:
1) In the circular flow model, firms sell the services of factors of production to households
2) If GDP included the value of leisure time, the value of US GDP would most likely increase.
3) GDP measures underestimates the value of output produced by an economy because they include services not transferred through markets.
What would be price and profit levels would prevail based on the assumption that a new entry into the local market results in competitive market pricing.
Consider an individual with the following utility function: U(r, y) = ln(r+ 1) + y. The marginal utility of r is 1/(1 + r); the marginal utility of y is 1. Find the marginal rate of substitution of y for r. Is there anything unusual about the MRSyr? ..
1. Commentators have often alleged that free agency for players would harm competitive balance in a league. Is this true?
how does development of personal computer hardware and software reversed some of the trends brought on by the industrial revolution.
Suppose risk-free interest rate is 0.05. If there is one-year 5% coupon bonds with a face value of $100 and 10% default risk, show that the yield to maturity of this bond is higher than risk-free interest rate. Assume that if the bond defaults, th..
The following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Consider the previous graph. Suppose that the price of a sedan decreases from $ 26000..
Briefly describe the Malthusian population model and explain why it is inconsistent with population data after 1750. Using a Lee-Malthus diagram(s), derive the Iron Law of Wages result. Be sure to label the curves, axis, and important points in the d..
The rate of unemployment below which the rate of inflation tends to rise and above which the rate of inflation tends to fall is known as the A) Phillips rate of unemployment.
Should computers be able to take pictures of your license plate and issue you a ticket for violations such as going through a toll without paying, or speeding?
A market (or industry) demand curve is described by Q = 600 – 0.5 P The monopolist firm’s cost function is TC = 7,550 + 16Q. Find the profit-maximizing quantity and price. If the monopoly is dissolved and then the market becomes perfectly competitive..
For this final question, assume what we have been assuming for the last two questions EXCEPT NOW assume that the economy is NOT at full employment, but that actual GDP is 2% below potential GDP. Under these conditions, if the money supply were to gro..
Suppose a wage increase from $19 to $21 an hour increases the number of job applicants from 50 to 64. What is the price elasticity of labor supply?
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