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In May? 2013, the value of the Consumer Price Index? (CPI) in a certain? country, Polonia, reached an? all-time high of 240
index points and per capita nominal GDP was? $42000. In January? 1950, the CPI was at its lowest at 68
index points. Per capita nominal GDP in 1950 was $8 comma 8,800.
Calculate real GDP per capita for 1950 by converting that? year's nominal GDP per capita into current? (2013) dollars.For 1950, real GDP per capita? (in 2013? dollars)
According to the permanent income hypothesis, how will the paths of borrowing and consumption change in response to: A temporary decrease in income when it occurs.
Most economists believe that real economic variables and nominal economic variables behave independently of each other in the long run. For example, an increase in the money supply, a-------------- variable, will cause the price level, a-----------..
You have been asked by your supervisor to evaluate a new proposal designed to cut costs. Under the plan, workers would be paid a fixed wage of $8 per hour.
Consider a health insurance contract offered to a population of risk averse people. People in the population have different risks for illness and this is known to each person but is unknown to others. Would the market for this health insurance produc..
On a given day in October, the number of customers that visit Hannah’s Haunted House is normally distributed with a mean of 85 and a variance of 400. What is the probability that the number of customers on one day is between 75 and 100?
when final sales are larger than gdpa. inventories did not changeb. a net increase in inventories took placec. a net
Suppose a firm faces the inverse demand curve P = 600Q– 0.5. The firm has the total cost curve TC = 1,000 + 0.5Q1.5. Find the firm’s profit- maximizing output, price, and profit.
Calculate the present value of an annuity with annual deposits of $10,000 at 7% for 10 years. Determine the monthly payment to amortize a $250,000 debt at 3% for 30 years.
Although some components of pay such as bonus, stock or stock options can provide incentives for managers to act in shareholder interests, sometimes they can have a negative effect and lead managers to make decisions that are not in shareholder inter..
The price elasticity of demand for natural gas is -1.2, and the price elasticity of supply for natural gas is 0.6. If the government imposes a ceiling price for natural gas that is 10 percent below the equilibrium price, the result will be a shortage..
Using the data from above: As price decreases from $1.00 to $0.70, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________. As price decreases from $0.70 to $0.60, demand i..
Gross domestic product (GDP) is an inferior measure of a nation's product because: no allowance is made for the fact that people have to pay taxes on their income. no allowance is made for the fact that people save some of their income.
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