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In 2009, you were paid $50,000 by your employer (your only source of income). In 2010, you were paid $55,000, but the rate of inflation between the two years was 15%. Which of the following is true?
A. Your real income went up but your nominal income went down.
B. Your real income went up but your nominal income remained the same.
C. Your nominal income went up but your real income went down.
D. Your nominal income went up but your real income remained the same.
Do you think this pattern of trade is consistent with the principle of comparative advantage?
Suppose a private closed economy has an MPC of .8 and a current equilibrium GDP of $7400 billion. What is the multiplier in this economy? Now suppose the economy opens up trade with the rest of the world and experiences net exports of $20 billion. Wh..
Two firms supply coffee at a market. Firm 1 has lower marginal costs than firm 2, reflected by constant marginal costs c1
Suppose that you deposit $15,000 into your checking account deposit at Bank Y. Assume that the required reserve ratio is 25 percent. what is the maximum increase in checking account deposits that can result from your $15,000 deposit? What is the maxi..
Oceana is small country. Using the open-economy macro model, trace the effects of the following actions on savings and investment in Oceania and Oceania’s trade balance. Make sure you explain the transmission mechanism of these effects with graphs. A..
A local restaurateur whose trade had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer.
Two firms compete in an undifferentiated Bertrand market. Suppose that the firms face a demand curve given by P = 60 – Q and both firms have constant marginal cost of 40. What is the market clearing Bertrand price and quantity?
"If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry." Please explain.
Identify and discuss other factors, including structural and social, that have contributed to increased income inequality and indicate the approximate percentage of income inequality for the top two or three causal factors as related by Lindsey.
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
Suppose that you own a 25 year old movie theater in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theater with 4 IMAX screens and 20 more regular screens. Do you think that your firm (the small theater) ..
What are the Marshall’s Rules of Derived Demand for labor? The North American Free Trade Agreement (NAFTA) – which came into force on January 1, 1994 – created a trilateral trade bloc between the United States, Canada and Mexico. One result of the ag..
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