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Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply
A. Consumer spending increased
B. Industrial production declined
C. Retail sales increased
C. Home sales declined
Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations’ government change taxes in order to completely close that GDP gap?
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
Explain what you would rather maximize your total or marginal utility? How do you think you would determine when to stop consuming if you were at an all you can eat buffeted?
Joe's search costs are $7 per search. He wants to buy a DVD player for his wife for Christmas and lowest price he's found so far is $200. Should Joe continue to search or buy a DVD player at a price of $200.
Provide an example of a specific industry that you believe fits the model also elucidate your rationale.
Sketch a diagram that illustrates what happened to the Bridgewaters' budget constraint. Could they have been made worse off by the change.
Should the government increase the minimum wage? What should be the GUIDELINES for an increase? What are some of the disadvantages of an increase?
Compare the effects of an aggregate-demand-induced recession with an aggregate-supply-induced recession.
What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month.
Subjective definition of probability is:Select one:A. a weighted average of different peoples' degrees of certainty of an event's occurringB. a theoretical probability distributionC. a person's degree of certainty of an event's occurringD. an expecte..
If over speeding by 10 mph results in the probability of dying in one hour to be 1 in 400,000, use the Jones-Lee approach to estimate Junior’s value for his life if he makes $90 per hour. What if the probability of dying is 1 in 5,000,000?
A driver faces a 5% probability that his car will be in an accident and will be worth nothing. Consider three drivers with cars that have value $30,000. Abdulla's utility function over the value of his car W is u(W) = ln(1 + W). Bedriya's utility ..
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