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Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to import 50,000 more. The government buys 25,000 cars for its police force, and 10,000 cars are bought by companies to transport employees to other locations to work. They also export 65,000 cars to nearby countries for sale.
What is Country A's GDP?What is the composition of GDP by percentage?What is the GDP per capita?If government purchases go up in the short run, what happens to GDP? Show this graphically.If consumption and government purchases go up, what happens to GDP in the long run? Why? How would this look in a graph?How does this relate to Keynesian economics?
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
John Davis, a recent IE graduate from Tennessee Technological University, bought an SUV for $30,000 with a down payment of $10,000. John had a little business on the side and did not have a girlfriend when he was at school and hence he was able to..
What is the quantity of magazines that needs to be sold per month in order for the operation to break-even and what will happen to that break-even quantity
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. Ectenia has 200 workers who supply their?
Some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the production of both, rather than oil a in our examples. Will fields with both oil and gas have greater difficulties in unitization.
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
Why does the Federal Reserve require commercial banks to have reserves Explain why reserves are an asset to commercial banks but a liability to the Federal Reserve Banks. What are excess reserves How do you calculate the amount of excess reserves ..
Suppose we observe that as a firm decreases its price its total revenue decreases. Which of the following is a possible value of its price elasticity of demand. Which of the following will not cause a decrease in the demand for apples.
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