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1. Contrast the ideas of nominal GDP also real GDP. Explain why there is one more reliable than the other for comparing changes in the standard of living over a sequence of years? Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP?
2. Which of the following are included or excluded in this year's GDP? In each case explain your answer.
a. An increase in leisure resulting from a 2-hour decrease in the length of the work week, along with no reduction in pay.
3. Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, by means of 2005 as base year. By what percentage did the price level, as calculated by this index, increase between 1984 and 2005? What were the amounts of real GDP in 1984 and 2005?
What is the new equilibrium price and output in the short run for both the industry and each firm.
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Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
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Do you think it is a good idea for the Russian government to take the measure of encouraging foreign carmakers to build factories in Russia.
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
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Divide the Banzhaf power index by the number of votersin state. Are votersin small states or are votersin big state more powerful, according to this measure.
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