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Economists note that in the US the Government's monthly data on inflation and unemployment "overstates" the inflation rate (i.e. reports inflation higher that what it rcaUy is) and "understates" the unemployment rate (i.e., reports unemployment lower than what it really is). Why is this so? Explain.
Which of the following statements uses economic vocabulary correctly?
Explain do you think McDonald's new launch will have a sustainable impact on its bottom line.
What does it mean that marginal product of capital is decreasing? Show the marginal products are diminishing in the cobb-douglas case. Determination of steady state capital per worker consider the steady state capital per worker k*, how is k* affecte..
PCT funding cuts to hit GP smoking cessation services.
Suppose Ann's marginal rate of substitution between good y and good x is -2. Bill's marginal rate of substitution between good y and good x is -3. each consumer has 10 units of each good. Propose a trade between Ann and Bill that would make each cons..
Which of the following will not increase worker mobility?
“The new healthcare law will work only if congressional republicans don't obstruct its implementation. However, either congressional republicans will obstruct its implementation or they will let the U.S. Economy go into default. Whether the set of p..
The stockroom will also be adjusting its weekend hours; so beginning on the first of next month, Saturday orders will only be filled between the hours of 8 a.m. and 12 p.m. The stockroom will be closed Saturday afternoons and Sundays.
barbers who have turned farmers will drive down wage rate but will still be earning more than if y had remained barbers. Who benefits from technological progress in farming Farmers or barbers.
Suppose the marginal cost curve in the short run first decreases and then increases. If marginal cost is decreasing, _____ must be _____ and _____ must be _____.
Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production?
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
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