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(1) Economic data for republic of Econstein is presented below. Use the data to answer question a-f Year Nominal GDP CPI (in millions) (base year 2002) 2011 4100 105.2 2012 4500 104.7 a) Determine the inflation/deflation rate between 2011 and 2012? b) Calculate real GDP in 2011 measured in 2002 prices? c) Calculate real GDP in 2012 measured in 2002 prices? d) Calculate the growth rate of nominal GDP between 2011 and 2012? e) Determine the growth rate of real GDP between 2011 and 2012? f) Was the growth rate of nominal GDP equals the growth rate of real GDP? Explain in details
Increasing the earnings of minimum wage employees is desirable, and raising the minimum wage is the best way to accomplish this. Everyone should enjoy open access to health care. Health care subsidies will increase the consumption of health care.
Discuss the information asymmetry, the adverse selection problem,and why soft selling is a successful signal.
Illustrate the entry barriers exist in the fast food industry. Compute the labor participation rate: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150.
Elucidate how the market system efficiently performs the functions of communication, cordination, and motivation in the distribution of resources to consumers.
Each potential bidder writes down a bid on a piece of paper. buyer with highest bid gets item and has to pay third highest bid. Is there dominant strategy equilibrium for this auction. Make sure you exhaust all possibilities.
Calculate the deadweight loss from the tax. Elucidate the tax be defensible in spite of the deadweight loss.
Point out which costs in the preceding question are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
If interest rates could be deducted from income, would an investor change his/her decision based on question 1.
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. Illustrate what is the price elasticity of labor supply.
Compute new supply of $ at each exchange rate and graph the new supply curve.
The value of the action The cost of the action The difference between the benefit and the cost of the action
President and Congress change budget accordingly, but after 18 months, GDP only increased by three quarters of expected amount. Illustrate what factors might be responsible for this situation.
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