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-What are transfer payments, and how do they make their way into the GDP calculation?
-If one added up the value of all intermediate goods that went into the production of real GDP, the total value of intermediate goods would be
a. Less than the GDP.
b. None of the choices are correct.
c. Equal to the GDP.
d. Greater than the GDP.
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
In Canada, where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor cheap, it is common to raise cows by using less land..
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
Explain the effects of the increase in global demand for cell phones on the market for cell phones and on an individual cell-phone producer in the short run.
A change in which of the following is least likely to cause a shift of the consumption function?
Bivens(2005)’s paper argues that studies that highlight the positive impacts of offshoring on the U.S economy mostly ignore the costs associated with the following: Explain each of these losses and how offshoring creates/generates these costs.
q1. explain why wage rates might rise at joes quik print shop. if joe replaces his aging copy machines with state of
Stan Money maker needs 16 gallons of gas to top off his tank. I he drives an extra 8 mile round trip Stan can save an extra $0.05 a gallon. Suppose gas costs $3.10 per gallon and Stan gets 24mpg. Each mile driven gives off CO2 that has an environment..
The government purchases component of GDP does not include spending on transfer payments such as Social Security. GDP does not also include the value of used goods that are resold. Do you think such exclusion make GDP a less informative measure of ec..
The marginal propensity to consume in an economy is 0.8. If the price level is fixed, a $400 increase in net exports would be expected to increase real GDP by how much?
As part of your answer converse whether or not one or more of the legs of the organizational stool was unbalanced.
Why do Keynesian economists believe market forces do not automatically adjust for unemployment and inflation? What is their solution for stabilizing economic fluctuations?
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