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a. In the presence of an underground economy likely to result in a Gini coefficient that overstates or understates poverty?
b. Consider a simple economy where 90 percent of citizens report an annual income of $10,000 while the remaining 10 percent report an annual income of $110,000. What is the Gini coefficient now?
c. suppose the poorest 90 percent of citizens actually have an income of $15,000 because each receives $5,000 of unreported income from the underground economy. what is the Gini coefficient now?
The aggregate demand curve slopes decrease, because when the price level is reduce, people can afford to purchase more, and aggregate demand increase.
How would the US production possibilities curve be affected in this case: the AIDS epidemic becomes rampant in America claiming millions of lives.
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
Neolithic Revolution
Suppose that the economy of Tunisia in which there are two products, Determine dollar value of gross national income in Tunisia evaluated at exchange rate?
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
Mankiw discusses that if federal authorities suppose responsibility, entire financial system might well become a group of government sponsored enterprises.
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
Define depository institution, and discuss types of depository institutions are found in the U.S. and how do they act as intermediaries between savers and borrowers?
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
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