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In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 125. What was the percentage change in per capita real GDP between 2016 and 2017?
Discuss one (1) recent price change that you have noticed while visiting your local supermarket. Determine whether or not the price change that you identified was a result of a change in either supply or demand.
What is the efficient number of crabbers - suppose the government wished to promote efficiency in crabbing by requiring crabbers to purchase licenses. How much should they charge (per day) for a license?
Suppose you have $500 in savings when the price level index is at 100. (a) If inflation pushes the price level up by 10 percent, what will be the real value of your savings?
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Illustrate what is the marginal income for each 10,000 increase in the quantity sold. Illustrate what recording fee would you advise Johnny to demand from the record organization.
Explain how banks are financial intermediaries. What are reserves? What are excess reserves? Explain how the Fed can affect the quantity of excess reserves in the banking system. Your response should be at least 75 words in length.
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected.
Elucidate why is private property also protection of property rights, so critical to the success of the marketplace system.
The demand for widgets is P = 100 -3Q and the supply of widgets is P = 20 + 2Q. Who bears the economic incidence of a $5 per unit tax on widgets? Find the excess burden of the tax.
Describe in 100 words or less the condition of “full employment” and explain why, even under the conditions of full employment, there is still a percentage of the labor force who are not working.
Illustrate what is the supply of dollars in the market for foreign-currency exchange. Write down your answer since you will need it to answer the next question.
Evaluate the third-party payment system and its effect on the consumption and provision of health care services. Determine the most problematic area and make the relative improvements.
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