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According to the News on page 162 : Economy: Sharpest Decline in 26 Years The U.S. economy suffered its biggest slowdown in 26 years in the last three months of 2008, according to the government's first reading about the fourth quarter released Friday. Gross domestic product, the broadest measure of the nation's economic activity, fell at an annual rate of 3.8 percent in the fourth quarter, adjusted for inflation. That's the largest drop in GDP since the first quarter of 1982, when the economy suffered a 6.4 percent decline. Hit by tight credit and soaring job losses, Americans slammed the brakes on spending in the quarter. Consumer spending fell at a 3.5 percent annual rate, which was the seventh-biggest drop on record. Spending on big-ticket durable goods plunged at a 22 percent pace, the largest d e cline since 1987. Consumer spending accounts for more than two-thirds of overall economic activity. -Chris Isidore Source: January 30, 2009. © 2009 Time Inc. Used under license ( a ) By what percentage did GDP decline in the fourth quarter of 2008?
What are externalities? What are positive and negative externalities? Give examples of Positive and negative externalities and give a brief introduction about your chosen merit good and explain the role of government in providing this merit good to..
The total number of movie projections, M, is the sum of the number paid for by each of the two persons: M = MS + ML. Spielberg and Lucas both have income of 70, and the price of both the private good and a movie projection is 1. They are limited, ..
Determine the economic activity that takes place in Underground Economy have any impact upon any Economic Indicator.
as the exclusive carrier on a local airline route, a regional airline must determine the number of flights it will provide and the fare it will charge. Taking into account operating and fuel costs, airport changes, and so on, the estimated cost pe..
A zero crowding-out effect occurs when the government spending increases, but the investment does not decrease. In terms of absolute values, a partial crowding-out effect occurs when the increase in government spending is greater than the decrease..
Calculate the slope of the AE curve and the size of the multiplier if MPS = 0.20. Then, calculate the revised slope of the AE curve and the multiplier when you know that the imports and the marginal tax rate will reduce the slope of the AE curve b..
Freedmania is a small society that produces and consumes just two goods: tequila and medicine. The price of tequila and medicine are both $1 per unit, but the marginal utility of medicine is greater than the marginal utility of tequila.
Real GDP in the U.S. increased by a% in 2008 and increased by b% in 2009, and increased by d% in 2010. In class, we learned that the average annual growth rate of real GDP for the period 2008-2010 can be (1) approximated as: (a% +b% +d%)/3
Consider the production function f(L;K) = L + K. a. Suppose K is fixed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L).
ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30..
The Present value of the following 2 cash flows are equivalent if the interest rate is i. Which one is more valuable if the interest rate is 2i? P=F(1+i)^-n Option 1 = 3 periods Option 2 = 2 periods.
Assume that all wages and prices are completely and immediately flexible. If the growth rate of the money supply is 5%, the growth rate of the velocity of money is 8% and the inflation rate is 9%, what is the Solow growth rate?
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