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1. Contrast the ideas of nominal GDP also real GDP. Explain why there is one more reliable than the other for comparing changes in the standard of living over a sequence of years? Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP?
2. Which of the following are included or excluded in this year's GDP? In each case explain your answer.
a. An increase in leisure resulting from a 2-hour decrease in the length of the work week, along with no reduction in pay.
3. Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, by means of 2005 as base year. By what percentage did the price level, as calculated by this index, increase between 1984 and 2005? What were the amounts of real GDP in 1984 and 2005?
Compute the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
specific examples of what would affect each, and a discussion of why it is more accurate to estimate both when trying to determine a country's economic success.
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Neglect other concerns, like closing costs, capital gains, and tax consequences of owning, and determine whether it is better to rent or own.
Assume that the officials in Ecoland have compiled the following information about their economy for last year:
If these economists ignore the possibility of crowding out, illustrate what would they estimate the marginal propensity to consume (MPC) to be.
An industry which generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
Explain and graph how the economy can “fix itself” and move to the long run equilibrium? Will the price level at the long-run equilibrium be greater than, less than, or equal to 110?
What steps can Congress and state legislatures take to alleviate a serious national shortage of skilled providers. Research suggests medical errors have been linked to inadequate staffing.
Explain how can multiplier have a -ve effect. What is the relationship among the multiplier as well as the marginal propensities.
The terms of the loan are not renegotiated, so the borrower has a guaranteed nominal interest rate of 10%. What is the expected real interest rate for this loan?
The consulting firm McKinsey and Company expects this combination of medical care and tourism in India to approach $2 billion a year by 2012.
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