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The chapter explains that Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation.
a. If the elderly consume the same market basket as other people, does Social Security provide the elderly with an improvement in their standard of living each year? Explain.
b. In fact, the elderly consume more health care than younger people, and health care costs have risen faster than overall inflation. What would you do to determine whether the elderly are actually better off from year to year?
Derive the marginal cost curve from your answer to (c) and show the relationship between the marginal cost and marginal product of labor.
Dave is employed by a corporation that currently pays him $65,000 a year. He owns a new car that he bought for cash of $32,500. Dave is thinking about returning to school to get a law degree.
Bond Equivalent Yields Suppose a T-bill has 75 days to maturity and an asked discount of 4 percent. What is the bond equivalent yield?
Elucidate whether current economic conditions are more consistent with the Keynesian or classical economic theories.
Illustrate what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Suppose that a labor union proposes to double the wage for 0
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run.
Illustrate what measures can the Indian government, international organizations, the mulitinationals take to help the industry revive.
Two identicial countries Alpha and Beta can be described by the IS-LM model in the short run. The governments of both countries cut taxes by the same amount. The Central Bank of Alpha follows a policy of holding a constant money supply.
Compute the expected utility of each project and identify the preferred project according to this criterion.
Money must have material backing to have value. Justify your response. Take a stand on whether or not it would be easier for the Federal Reserve to expand the supply of money in a period of prosperity versus in a period of recession.
The table above demonstrate the prices and quantities of 2-goods produced in a country in 2006 and 2007. These are the only goods produced in the country.
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