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Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
a. Funds spent by city governments to renovate their buildings
b. The costs of air and water pollution
c. The components of an MP3 player that are produced in China
d. The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
e. The leisure time they have
portland fluid control inc. pfc is a major supplier of reverse osmosis and ultrafiltration equipment which helps
cally uses labour l and capital k in her production process. the wage rate for one unit of labour is 10 while units of
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
sampb manufacturing inc. a manufacturer of packaging products is attempting to select a short run strategy which
explain how each of the following will affect the demand for computersi a rise in incomesii an expected drop in the
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
Potatoes cost Janice $0.50 per pound and she has $6.00 that she could possibly spend on potatoes or other items. Presume she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and a..
Compare and contrast the free market systems with planned economies. Determine the benefits and drawbacks of each. Analyze the different ways to evaluate economic performance and determine which provides the best assessment of the economy.
It has been proposed that toll collection on the Massachusetts Turnpike, a key commuter route into Boston from the west, be discontinued. Proponents argue that tolls have long ago paid for the cost of building the road
What are the Two General Theorems of Welfare Economics? What implications do they have for the “welfare state”? What are the ‘first best’ assumptions necessary for these theorems to hold? How realistic are these assumptions?
briefly state the basic characteristics of pure competition pure monopoly monopolistic competition and oligopoly. under
Prove that if the value of G is v1 and the value of H is v2 , then the value of G + H is v1 + v2 . Give an example of G, H which only have a common row strategy, but for which G + H has a different value than v1 + v2.
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