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1) Explain how Real GDP is derived?
2) Explain what Demand and Supply Shock are? Give an example of each that have occurred in our economy in recent history?
3) How do you determine the optimal production level for your product? Explain.
4) Using the income approach, explain each component and how GDP is ultimately calculated? How is National Income the derived?
Suppose the government is imposing a debt-financed tax cut. Based on the traditional view, what will happen to: Based on the view of Ricardian equivalence, what will happen to:
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
Assume that country A can produce a unit of good X with 1 labor hour and a unit of good Y with 3 labor hours. Country B can produce a unit of good X with 2 labor hours and a unit of good Y with 8 labor hours. Labor is the only resource used. What wou..
In recent years, Americans are finding new jobs but aren't finding employers willing to give meaningful pay increases. The unemployment rate is the lowest in 7 years. Never before has the unemployment rate been so low but wages have stayed so flat. W..
Two bike riders, Floyd and Lance, are scheduled to race. Each wants to maximize his chance of winning the race; neither has any reservations about taking steroids if that will help win the race. If both take steroids, each has a 50 percent chance of ..
Based on your knowledge of the Commerce Clause, what would happen if a business or individual sued Oregon over Measure 91, arguing that they were injured because their employees are now arriving to work “intoxicated” on legal marijuana?
Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 23%, 22%, 18%, 12%, 11%, 8%, and 6%. If the top three sellers combined to form a single firm, what wou..
The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 21,000 shares authorized and 10,500 shares issued, 1,100 shares outstanding $105,000 Paid-in-capital in excess of par value, common..
Describe how the consumer price index and the inflation rate are calculated. Why is it thought that the consumer price index, as presently calculated, overstates the rate of inflation?
Assume that total fixed costs are $46, that the average product of labor is 5 units when 10 units of output are produced, and that the wage rate is $12. If labor is the only variable input, what is the average total cost of producing 10 units of outp..
Define the terms ‘e-business’, ‘electronic commerce’ and ‘mobile electronic commerce’, and describe how they differ from one another?
Consider a decision maker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decision maker always wants as many apples as possible. Find a utility function that represents t..
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