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The national accounts treat all government purchases of goods and services, G, as part of real GDP. But suppose that the public services derived from government purchases are an input to private production, say: Y = F(κK, L, G) In this case, public services are an intermediate product-a good that enters into a later stage of production. Hence, we ought not to include these services twice in real GDP-once when the government buys them and again when the services contribute to private production. a. Suppose that businesses initially hire private guards. Subsequently, the government provides free police protection, which substitutes for the private guards. Assume that the private guards and public police are equally efficient and receive the same wage rates. How does the switch from private to public protection affect measured real GDP? b. How would you change the national accounts to get a more accurate treatment of government purchases of goods and services? Is your proposal practical?
In any city at any time, some of the stock of usable office space is vacant. This vacant office space is unemployed capital. How would you explain this phenomenon Is it a social problem
Economic and political stability are most important factors to be considered when finalizing an international investment.
Consider the following supergame: N firms choose prices simultaneously in each period. The discount factor is per period. Suppose firms try to collude at the monopoly price with the threat of practicing price equal to marginal cost for T periods ..
Explain the role of adjustable-rate mortgages (ARMs) in exacerbating the financial crisis. Explain the Basel requirements and how banks got around the Basel accords, which limited the amount of mortgages and other risky assets that banks could hold..
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What is the free trade level of rice consumption in Japan, how much rice do domestic farmers produce in Japan
When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. How many units of goods X and Y does Joe purchase before the price increase and finding the $100.
What would be the total potential gains from trade if the ski resort and the birders were able to negotiate and what are the total net benefits of the economically efficient number of ski resort acres
what is meant by fractional reserve banking and what are its implications on the money supply. if the reserve
Evaluate the impact of the proposal to cut prices on total revenue, totalcost, and total profits - Price and Output Determination:Monopoly and Dominant Firms
(1) How do market incentives and disincentives led to the growth or the eradication of poverty? How is poverty measured? What seems to be the best way to life people out of poverty?
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