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The 2012 Human Development Report reported that the HDI of South Africa was 0.629 (and its rank was 121) and that of the Peru was 0.741 (and its rank was 77). In 2012 South Africa’s GNI per capita (in US dollars) was 7,610 and that of Peru was 6,060. Explain these values. What do these different values of two countries imply?
What is the non-accelerating rate of inflation? How does it relate to the natural rate of unemployment? What role do expectations play in determining the rate of inflation?
Velocity remains constant at 8 and the money supply increases from $200 billion to $300 billion. The? original, nominal GDP was $ __ trillion? The ?new, nominal GDP is $ __ trillion?
Two years ago, the GDP deflator for Old York was 300, and today it is 330.75. Based on this information the annual average inflation rate during these two years was
Today more workers in the US are members of labor unions than any time in our history. Today labor unions are weaker than any time in the last 100 years. No major labor union has called a strike since the 1940s. Labor unions are relatively strong in ..
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
All of the following shift the aggregate demand curve to the right except
Assume that the following data characterize the hypothetical economy of Trance: money supply = $190 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, incr..
According to the rule of most favorable input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the corporation.
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates and developmen..
You have gone through two years of medical school but are suddenly wondering whether you wouldn't be happier as a musician. Indicate if the following statements are potentially valid arguments or not? Explain.
A group opposed to free trade concludes that the total number of domestic jobs will decrease because it estimates that 20,000 jobs will migrate abroad. The actual total loss is:
Suppose that MC=4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of out output. At what price does it sell these units.
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