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Chapter 2 # 4
Lawns produce no crops but occupy more land (25 million acres) in the United State than any single crop, such as corn. This means that the US is operating inefficiently and hence is at a point inside the production possibility curve. Right?If not, what does it mean?
Chapter 2 # 5
Groucho Marx is reported to have said, "The secret of success is honesty and fair dealing. If you can fake those, you've got it made." What would likely happen to society's production possibility curve if everyone could fake honesty? Why? (Hint: Remember that society's production possibility curve reflects more than just technical relationships.)
Chapter 30 # 3
The government has just increased taxes.a) Demonstrate the effect on the price level and output in the standard model.b) How would your answer to a differ if there were partial crowding out?c) How would your answer to a differ if there were complete crowding out?
Chapter 31 # 4
Suppose a country's nominal GDP is $600 billion, government expenditures less debt services are $145 billion, and revenue is $160 billion. The nominal debt is $360 billion. Inflation is 3 percent and interest rates are 6 percent.a) Calculate debt service payments.b) Calculate the nominal deficit.c) Calculate the real deficit.
Illustrate what effects do technologies have on costs. What are some lower cost sources the organization may utilize to reduce cost.
Expalin why do many economists believe that the market system is the most efficient economic system for allocating resources.
You have been hired to work with a resort owner in Northern Minnesota. This resort owner runs a very small operation catering to mostly people who like to fish.
U.S. industry responded to the undeserved domestic leisure travel market that existed in the early 1900s with a second wave of low cost carriers (LLCs)
Explain why do people who work at investment banks earn so much. What is the justification for capital requirements imposed by bank regulators.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
A government is recently operating with an annual budget deficit of $40 billion. The government has determined that;
Consider that demand elasticity is defined as the percentage change in quantity divided
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
Due to the slow down economy, it is expected that there will be .7 million additional workers who will lose their jobs next month. Determine the expected unemployment rate for next month?
Computer the amount of manufacturing overhead incurred for the month. Suppose all costs are actual. Using actual costing, compute the cost of one unit.
Compute the optimal bundles of consumption. The total use of each good is independent of the rate of consumption of the other good.
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