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Given that the US economy production function (to calculate current GDP and potential GDP) is : GDP = Y= F(K,L,N) = 0.04K+0.03L+0.03N. The current GDP is produced with K=200, L=100, and N=100, the full employment GDP (potential GDP) can be potentially produced with K=225, L=150 , and N= 150. Given that the average MPS (not MPC) is 0.25 (for problems 1, 2, and 3), and active population is 100 millions. GDP is in Trillion dollars.
If the government wants to impose taxes to finance government spending to reach the full employment level of GDP, how much tax does the government need to impose? Show it quantitatively. Hint: an application of balanced budget multiplier
Find the consumer's price index (CPI) for the last 50 years. Find the equivalent buying power in 2014 for an amount of $4000 in 1997?
A market in which there is an additional transaction that would benefit a buyer, a seller, and any third parties affected by the transaction is called. In the case of spillover benefits or costs,
The park service wants to restrict the number of visitors to Yellowstone National Park to Q*, which is fewer than the current volume. It considers two policies: (A) raising the price of admissions and (B) setting a quota. Compare the effects of these..
You now should realize how important it is for economists to try and predict future conditions of the U.S. economy. Economists are also interested in the performance of the economy at a more local level. Discuss how local and national forecasts play ..
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
If the rate of inflation in consumer prices is less than the rate of increase in a person's nominal income, that person's:
This question is based on The Economist Magazine's Schools Brief: State and Market - which has its own module in Etudes
You decide to buy 1,300 shares of stock at a price of $86 and an initial margin of 75 percent. What is the maximum percentage decline in the stock before you will receive a margin call if the maintenance margin is 40 percent?
Which of these two strategies do you think would have the greatest impact on sales volume. Explain
Using the debt-relief Laffer curve, make the case that debt relief can be in the best interest of both the developing and developed countries.
When the unemployment rate is_____ than the natural unemployment rate, real GDP _______. At a business cycle trough, cyclical unemployment is ____ and at a business cycle peak, cyclical unemployment is _____.
A consumer spends more time searching for a good when her reservation price is:
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