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How is GDP a measure of both output and income? How is it possible that both measures of GDP - income and expenditure approach - can end up with the same number?
The more progressive the tax system, the: The portion of the public debt owed to foreigners does not represent any real economic burden to Americans because we received money from foreigners when we incurred the debt. The so-called "recognition lag"..
Why might it be hypothesized that a typical developed country is likely to have a greater relative amount of intra-industry trade than is a typical developing country? Explain.
q.global studios are thinking of producing a mega film aqua world which could be a mega hit or a mega flop. profit is
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine.
Suppose the production function for a certain good is a simple Cobb-Douglas function without a technology component. What’s the short run production function? Given this SMC how much will this firm produce at a price of $40? What’s the total cost, to..
Data collected in the imaginary economy of kharkeez reveals that when the price of drof decreased by 25%, the quantity of drof sold increased by 10%, and the quantity of perf demanded decreased by 30% What is the cross-price elasticity of demand bet..
Discuss the following statement: Whenever the output is below potential and the government has a fixed exchange rate policy, it can use monetary policy to stimulate the economy and bring it back to full potential.
Suppose both firms have entered industry. What is joint profit-maximizing level of output. How much will each firm produce. How would your answer change if firms have not yet entered industry.
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50%, approximately how much tax needs to be added to a $1 pack?
In a standard supply and demand labour model, firms "demand" labour while workers "supply" labour. Let's think about a labour market that is in equilibrium, with a wage of $20 per hour and with 14 million individuals working out of a total of 16 mill..
When the wage rate rose from $6.25 per hour to $6.75 per hour, employment in Fast food, Inc. fell from 5,100 to 4,900. What is the price elasticity of demand for labor?
Suppose the civilian no institutionalized working age population is 35.9 million in Labor land, 4.6 million are working part time, and 15.71 million are working full time. Labor land used the Bureau of Labor Statistics (BLS) definitions for unemploym..
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