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Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level of $25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1% per year while worker productivity in the UK grows 3% per year. After five years, who will have the higher productivity level, and by how much?
How can cultural aspects affect the level of a country’s potential GDP? For example, why might two countries with similar natural resources, education levels, technology, and capital per worker have significantly different levels of potential GDP?
Suppose the government is concerned that research assistants already make too little money and, therefore, wants to minimize the share of the tax paid by employees. Of the three tax proposals, which is best for accomplishing this goal?
List the economic benefits of, and problems with, subsidized college education. Examine subsidized college education by considering answers to the three basic economic questions: What to produce with limited resources? How to produce the goods and se..
Assume an economy consisting of a consumption sector, a government sector, a foreign sector, and a business investment sector. (C + I + G + X = GDP). Also assume that the Marginal Propensity to Save (MPS) = 0.2. If government spending increases by $7..
If you invest $1,000 today, how much will it be worth in 20 years? Assume that the money will grow at the interest rates: of 8% compounded semi annually during years 1-10, and 12% compounded quarterly during the remaining years.
Compare the feasibility and efficiency of producing public goods by tax dollars versus producing them jointly with private funds. Support your argument with specific examples.
Suppose your nominal income in 1995 was $24,000. Suppose, too, that the Consumer Price Index for 2012 was 2.5 and that the base year for this index was 1995. How much nominal income would you need in 2012 in order to match the spending power of your ..
Can you provide any examples of Illustrate what kind of equality could be made to offset these increased society costs
Consider a product that has a cost function c(y) = 10y. What is a monopolist’s optimal production plan and price? What would the equilibrium price and output be under perfect competition? what is the deadweight loss from the monopoly? (know how to so..
Describe the many ways the government affects economic activity. Explain the positive aspects of this government involvement. Now, explain the negative aspects of government involvement. Finally, describe to what extent you believe the government sho..
The entire principal of the borrowed amount of $10,000 will be repaid in 2 years. However, the quarterly interest of $330 must be paid every 3 months. Find the nominal annual interest rate that you are paying.
Eastern Hydra system which is manufacturing motorcycle engine budgeted 75,000 per year to pay for certain parts over the next 5 years. If the company expects to spend 15,000 in year 1, how much of uniform increase each year is the company expecting i..
Suppose a country "X" is facing recession. What fiscal and monetary policy will the central bank and the government use to stabilize the economy!! What tools do the central bank and the government have to impact economy!!
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