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Given that the US economy production function (to calculate current GDP and potential GDP) is : GDP = Y= F(K,L,N) = 0.04K+0.03L+0.03N. The current GDP is produced with K=200, L=100, and N=100, the full employment GDP (potential GDP) can be potentially produced with K=225, L=150 , and N= 150. Given that the average MPS (not MPC) is 0.25 (for problems 1, 2, and 3), and active population is 100 millions. GDP is in Trillion dollars
To apply supply side economics, given that only 40% of the tax credits given to businesses are reinvested, how much tax credit do investors need to move the economy to the full employment level? You should assume that consumption and government spending are not going to change. Hint: First, find the GDP gap, then find out how much extra investment spending is required to fill up this gap. Finally, how much tax cut is needed for the businesses to stimulate the required additional investment spending, knowing that from every dollar of tax cut, businesses will invest only 40%?
Based on your knowledge of Ms. Ursula Burns, which of the 12qualities (( Vision Superb, Communication skills, Self-confidence and Moral Conviction, Ability to Inspire, Trust High Risk Orientation, High Energy and Action Orientation Relational Power B..
Explain how Steve Jobs revolutionized 6 industries (personal computers, animated movies, music, phones, computing, digital publishing. Describe his marketing strategy.
Nominal GDP increased from roughly $10.3 trillion in 2001 to $14.4 trillion in 2008. In the same period prices rose on average by roughly 19.78 percent. By how much did real GDP increase?
In order to engage in price discrimination, a monopolist has to be able to determine that there are different groups of consumers that have different ________ for the product.
A car wash in a metropolitan area services a community of 50000 people. The car wash charges $14 per car wash. For every dollar increase in the price of a car wash the potential number of customers that could use the car wash decreases by 2500. Find ..
What were the 2 principal successful policies adopted by Franklin Roosevelt that brought an end to the Great Depression? How does the Federal Open Market Committee dier from the Board of Governors in terms of their composition and responsibilities fo..
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 200 bunches of bananas.
Explain how does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.
Why are purchasing power parity numbers more meaningful than nominal numbers when comparing GDP's of different countries and GDP of people living in different countries? Why are foreign business activities more complex than purely domestic ones? What..
If a monopolist must lower the price on all units in order to sell an additional unit, For a perfectly competitive firm,
A shortage of a good occurs when: Who ultimately pays the tax depends on who writes the check to the government. If a buyers pay $10 per unit and sellers receive $8.50 per unit the tax is 1.50 per unit
Political participation is the bedrock of representative democracy. What are some of the major forms of political participation afforded to US citizens? Compare and contrast (similarities and differences) the forms of participation and strategies use..
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