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a)Health expenditures in the U.S. have increased from 5% of GDP to 17% of GDP over the past 50 years. List and explain the 3 reasons for this increase.
b) What percent of GDP does the US spend on Health care? The UK? Canada? Do you think the United States spends too much on medical care? Explain
Suppose your supervisor has been asked many questions about how economy works and why the idea of limited resources is such a major concern in today's economy.
1 . Based on the game, how did the simulation show the use of monetary policy to control both unemployment and inflation? How do Federal Funds Rate affect unemployment and inflation based on your experience with the game?
Find consumer'sA utility maximizing combination of Qax and Qay. At this point compute the level of utility enjoyed by consumer A.
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
Consider the problem of a competitive firm and what is the maximum market price at which the firm decides to supply zero?
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
Calculate the two error measures that you used in other model analysis and comment on the acceptability of the size of the measure.
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
When the price of a commodity falls by Rs.2 per unit,its quantity demanded increases by 10 units. Its price elasticity of demand is (-)1. Calculate its quantity demanded at the price before change which was Rs.10 per unit. You may change Rupee[In..
Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day.
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