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Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
Goods and services that are not sold in markets, such as food produced and consumed at home and some household articles, are generally not included in GDP
Suppose the economy is initially in equilibrium at an output level of 100 and price level of 100. The fed then manages to shift aggregate demand rightward by 20.
Explain how is the activity reflected on the balance on current (BCA) account different from the activity reflected on the capital and financial accounts (BFA).
The U.S. Bureau of Labor Statistics (BLS) collects unemployment and labor force participation data for a variety of groups of Americans (by age, gender, race, level of education, location, etc.). This data is available http://www.bls.gov. (You can fi..
Estimate amount of former foreign-monopoly profit that is transferred as tariff revenue to home nation when home nation imposes tariff.
A monopolistically competitive market consists of __________ seller(s), an oligopoly consists of __________ seller(s), and a monopoly consists of one seller. Monopolists: A monopoly: Barriers to entry:
If the rate of discount is 20 percent Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
Draw the budget line on the Edgeworth box through the endowment point. What is the equilibrium allocation?
the shortcomings of NAFTA for the last 20 years including what each country has lost as a result of NAFTA.
Use the economic perpective to explin why someone who isnormally a ligh eater at a standard restaurant may become somewhat of a gullton at a buffet-style restaurant that chares a single price for all you can eat.
Suppose that the adult population is 9,918, the unemployment rate is 6% and the labor force participation rate 71%. How many people are employed?
What is the MRP of labor equal to in this situation? Assuming that Economan takes the price of labor as a given, what is the maximum daily wage that would make it in his best interest to hire this additional employee?
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