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1. Between 1929 and 1933, GDP measured in current prices fell from $96 billion to $48 billion. Over the same period, the relevant price index fell from 100 to 75.a. What was the percentage decline in nominal GDP from 1929 to 1933?b. What was the percentage decline in real GDP from 1929 to1933? Show your work.
2. Compute how much each of the following items is worth in terms of today's dollars using 177 as the price index for today.a. In 1929, the CPI was 17.7 and the price of a movie ticket was $0.25.b. In 1932, the CPI was 13.1 and a cook earned $15.00 a week.c. In 1943, the CPI was 17.4 and a gallon of gas cost $0.19.
the wages of players have raised enormously, in particular the salaries of high-quality pitchers.
At some of these schools, economics professors have lighter teaching loads than professors in some other fields. Illustrate what role do the differences in teaching loads play.
The absolute value of coefficient of the price elasticity of demand.
Some countries do not protect human rights in the same manner as the United States (US).
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Now assume that an unusual shift of the Gulf Stream leads to an unseasonably cold summer in Europe, destroying much of the grape harvest there.
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In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production-Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encoura..
What is the marginal physical product of the fifth worker? What is the weekly wage of the fifth worker? What does the price of output need to be in order for the firm to profit from hiring the fifth worker?
Suppose we have a competitive market for a good with domestic demand and supply given by:
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