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Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental econom- ic question are they addressing by making this range of products?
a. How to produce goods that consumers want?
b. What goods and services will be produced?
c. Who to produce automobiles for?
d. Why produce a variety of automobiles?
Illustrate each of the following events using a demand and supply diagram for bananas.
Given an increase in spending of $1,000, and a Marginal Propensity to Consume of 80%, what would be the total increase in the GDP what would the Multiplier be?
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
Suppose the following data about the demand for goods and services. All variables are in billions of dollars. Suppose that potential level of output is $12,000 billion. Use the above data to calculate the size of the output gap?
Explain her change in consumption in terms of income and substitution effects (give a precise quantitative answer). Is this a Griffin good (how do you know)?
Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. Refer to the above data. If t..
Elucidate the steady state level of capital and how savings affects output and economic growth. This provides a brief introduction to the solow framework.
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
using a demand and supply model to explain the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men and women.
When will the Fed want to raise the Federal funds rate? What is the ultimate effect on real GDP and the inflation rate from raising the federal funds rate?
Draw a graph describing the demand and supply curves before and after the tax. describe graphically the tax revenue and how it is shared between the consumers and suppliers (producers) of gasoline.
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