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If the national GDP is $559 billion in the base year, and it rises to 577 in year i, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year ?If the price index 20 years before the base year was 41.2 and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year ? Show your work in all cases.
jamaica is among the more successful caribbean islands that offer great economic development and business
As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things? How is the time spent on leisure likely to change?
the following table presents data for wages in the market for internet security professionals.in the labor market the
Presume the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.6, and a typical gasoline retailer enjoys sales of $1,450,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Mick and Kelly are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. . Mick and Kelly have to write music for 8 songs and lyrics for 12 songs (4 songs already h..
Why is income inequality regarded by many people as a form of market failure and describe how tax creditsare used in New Zealand to modify the distribution of income
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
Draw the Circular Flow Model of a simple economy with the roles of firms, Households, Government and a foreign sector. In addition, identify the factor and product markets in this economy. Identify in the diagram the flows for all injections and leak..
You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the men NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You offer to se..
What is the equilibrium quantity in this market and what is the equilibrium price in this market and what are the resulting output, revenue, cost, and profit of the typical firm?
Presume the U.S. government’s tax policies on employer health coverage were to be changed. In particular, presume health premiums paid through the employer were no longer tax exempt. In its place, the government provides a 25 percent subsidy for all ..
Presume that the economy has the following production function: Y/L = 8*(K/L) 0.5. Further presume that s = 0.2, gL = 0.3, and δ = 0.1. What is the value of the steady state capital-to-labor ratio?
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