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Based on the information contained in the textbook and on the Web site above, answer the following questions: 1.What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008? 2.What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes? 3.What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes? 4.Does GDP measure the well-being of society? Why or why not? 5.What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?
Some discount stores advertise that they can sell for less because they can buy directly from the manufacturer and sell to the consumer, thus eliminating many middlemen. What is the flaw in this reasoning and what would be the unintended consequence ..
Suppose that an initial $40 billion increase in investment spending expands GDP by $40 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $24 billion in the second round of the process. Instruction..
Even though the use of checks lower transaction costs when compared to the use of paper currency, it is unlikely that the use of paper or metallic currency will disappear entirely. Why?
For promotion to lieutenant, police officers in a city police department first have to pass a written aptitude test. This requirement was challenged in court by several black officers on the grounds that the test unfairly discriminated against blacks..
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates? Identify and ..
Suppose that in the short run capital is fixed and labor is variable. What happens to the firm’s average cost, average variable cost, and marginal cost when the following changes occur?
Suppose there are two types of consumers, in equal number. Type 1 have demand D1(p) = 1 – p; and Type 2 D2(p) = 3 (1 – p). Marginal cost is zero. Find the optimal uniform price. Find the optimal two-part tariff for every consumer assuming information..
Do you believe that The Affordable Care Act (Obamacare) should be repealed? If not, how can it be improved? If you do believe it should be repealed, how would you replace it?
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3867 per year, paid at the beginning of each year, in which case maintenance is provied. Alternatively, she can buy a used..
Suppose consumer confidence falls as a result of a bursting housing market. How is this factor change likely to affect the IS and/or the LM curve? In response to this factor change, describe optimal fiscal policy.
Suppose that autonomous consumption increases but that, unlike the situation in the simple Keynesian model of this chapter, some of this autonomous consumption increase is spent on imports (say an amount equal to MPM times the autonomous consumption ..
Suppose you are trying to choose between 2 plans for your long distance telephone service. If you choose plan 1, your monthly bill will be computed according the equation: B is your monthly billing fee in dollars and Tis your monthly volume of long d..
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