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State two ways the labor supply curve shifts to the right. Explain how each way impacts the equilibrium wage, equilibrium full employment, total output, productivity, and standard of living in the economy? Include the formulas for productivity and standard of living in your answer.
Suppose that Congress enacts a lump-sum tax cut of $750 billion. The marginal propensity to consume is equal to 0.75. Assuming that Ricardian equivalence holds true, illustrate what is the effect on equilibrium real GDP.
what should it do to increase profit? If the firm is profit maximizing, is the firm in a long-run equilibrium? If not, what will happen to restore long-run equilibrium?
In 1976 a movie ticket was $4 and the price index was 56. In 2009 a movie ticket was $9 and the price index was 228. Based on this information: The real price of a movie ticket was the same in both years.
If the government establishes a quantity subsidy on the consumption of a good, it means that the consumer has to pay for each unity of the good its price minus the subsidy. That is, the price of the good becomes, in the consumer’s point of view, p−s,..
Health insurance companies in a country decided to introduce pre-authorization review of hospital admissions, i.e., all hospital admissions must be pre-authorized and the health care provider must contact the insurance agency to get the approval to a..
GDP does not count productive services, such as child care, food preparation, cleaning, and laundry, provided within the household. Why are these things excluded? Is GDP a sexist measure? Does it understate the productive contributions of women relat..
Calculate the after-tax nominal interest rate, then subtract off inflation to get the after-tax real interest rate for both cases.
Economists believe that markets generally are “efficient.” What does this mean and why do they believe it? Use Consumer Surplus, Producer Surplus, and Total Consumer Surplus to fully answer this question.
Marko, Inc. is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $5,200, $10,200, and $16,400 over the next three years, respectively. After that time, they feel the business will be worthless. Marko has deter..
What is the effect of an investment on real assets on the value of the firm and why? How can we evaluate and compare projects with unequal lives? What is the risk on real investments and how can be measured? How important are statistics and computers..
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Zack quits his job at a consulting firm, which pays $40,000 a year, to enroll in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-y..
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