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In 2013 the south Korea GDP was about 1620 billion. Since we are working in 2013 dollars, this number is both the real and the nominal GDP for 2013. From 2013 to 2014 the real gdp grew 2.9%. The money supply in Korea in 2014 was about 390 billon. The velocity of the money was 4.4 and the velocity has stayed the same. What is the real GDP in 2014?
Should the Federal Government increase social services initiatives to improve the quality of life issues for the less fortunate ones. (For instance: promoting training/educational assistance initiatives to help the unskilled workers obtain/hold jobs;
government official proposed which gasoline price controls be imposed to protect the poor from rising gasoline prices.
Mary consumes two goods, Diet Coke (X) and Cheeseburgers (Y). Mary’s Utility function is represented by U(X,Y) = 3XY2 . Her marginal utility function for X is MUx = 3Y2 . Her marginal utility function for MUy = 6XY.Write an expression for Mary’s budg..
Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
Some observers argue that the coming of electronic commerce on the Internet signals the arrival of a new era of global marketing, as online retailers of everything from books and music to soft- ware and outdoor gear make it possible to buy products w..
The interest rate affects the investment patterns in the economy. A friend of yours suggests a get-rich-quick scheme: Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate, and profit ..
Suppose Canada's exchange rate with the euro rises from 1.2 to 1.4. This rise indicates a(n) ________ of the Canadian dollar, which means it takes ________ Canadian dollars to purchase one euro.
Explain the concept of Pareto Improvements and give examples from purchases you made during the last Christmas/Holiday season. Explain the term Deadweight Loss and cite an example of a market situation that would create such a loss.
Suppose that England experiences higher inflation than the United States and at the same time the pound appreciated relative to the dollar. What does this imply?
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Assume you are the new manager of a local company. In addition to demonstrating your managerial skills during the interview for the position, the Vice President of Human Resources (HR) was impressed with your positive and charismatic attitude. Will y..
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
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