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1. Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
Real GDP (1996 prices)
Income per person
2. The table below uses data for the year 2000 provide by Statistics Canada and adjusted to be comparable to U.S. data. All values are in millions. Fill in the blank entries in the table. Show your work!
Labor-Force Participation Rate
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Essay on Market imperfection associated with negative externalities
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
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