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Let the price of Barbancourt (the Haitian Rum) be $15 a bottle in 2000 and $25 in 2010, and its production 5000 and 7500 bottles respectively for the two years. Let the price of a bag of rice be $20 in 2000 and $35 in 2010, when its production is 10000 and 25000 bags for the same two years. Let the price of a bag of beans be $30 in 2000 and $40 in 2010, when its production is 8000 and 20000 bags of the two years respectively. Using the year 2000 as the base year, compute: a. The Nominal GDP for both years b. The real GDP for both year
A stock transaction that is made immediately at the market price is made in the. Which of the following statements is TRUE according to your information on using credit cards? Investors who sign a contract guaranteeing them the option of selling shar..
The demand equation for a cola-type soft drink in general is Q = 20 -2P, where Q stands for quantity and P stands for price. Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points? Calculate arc el..
A country that attempts to keep its exchange rate fixed will have a “devaluation” of its currency (or exchange rate) if persistent balance of payments deficits cause it to amass dangerous amounts of foreign exchange reserves. Would you please explain..
If the real wage is equivalent to the marginal product of labor such that w=MPL=9, how much labor will be demanded? What happens to the demand for labor when the real wage declines to $5? Now assume that the capital used in the production process is ..
Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the firm not simply increase its profits by selling an extremely high quantity?
The surplus created by a price floor will likely be? smaller if the good is a necessity. larger if the good is addictive. smaller if the good is a luxury. unaffected by the time that has elapsed since the price ceiling is implemented. None of these a..
"Because of unusually good growing conditions, the supply of strawberries has substantially increased." This statement indicates that:
n long-run equilibrium, every firm in a perfectly competitive industry earns an economic profit. Pure competition exists in a market when firms are price makers as opposed to price takers. A natural monopoly results when the profit-maximizing output ..
Suppose that Martha’s income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods) which cost $100 per bag of groceries. Draw Martha’s budget constraint. Using in differe..
Find a recent news article that discusses an oligopolistic industry in the U.S. Provide a usable link to the article (3 points by itself) and a summary of what the author is discussing. Focus your analysis on the main characteristics of oligopolies (..
If an economy experiences an increase in its capital, everything else constant, then its production possibilities frontier (PPF) will a. Expand outward proportionally b. Expand outward largely in the direction the labor intensive good. c. Expand outw..
Explain how do open market operations work through the fractional reserve banking system to impact the money supply and interest rates.
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