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Consider an economy that consists only of those who bake breadand those who produce its ingredients. Suppose that this economy'sproduction is as follows: 1 million loaves of bread (sold at $2each); 1.2 million pounds of flour (sold at $1 per pound); and100,000 pounds each of yeast,sugar,and salt (all sold at $1 perpound).The flour,yeast,sugar,and salt are sold only to bakers,whouse them exclusively for the purpose of making bread. (A).What is the value of output in the economy (i.e, nominalGDP)?. (B).How much value is added to the flour,yeast,sugar,and salt whenthe bakers turn them into bread?.
America is a very violent country, compared to countries like Great Britain and India. How do the theoretical explanations for aggression help explain this? How do the ideas of conformity, compliance, and obedience tie into this discussion?
An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of victims might you expect to arise under these two arrange..
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. On a graph with saltfish on the horizontal axis and the price of saltfish on the virtical, draw the demand and supply curves. What is the equilibrium..
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Average products of..
Discuss how the role of newspapers as an advertising medium would differ for national versus local advertisers. Do you feel that the rate differential newspapers charge national versus local advertisers is justified?
The United Nations Security Council, the main decision-making body at the UN, is comprised of five regular members: China, France, the Russian Federation, the United Kingdom and the United States. Ten more members are elected from the General Assembl..
An engineer deposits $1,350 each month in an account with an interest rate of 6.18% per year compounded semi annually. How much money can he expect after 12 years?
Research, identify and discuss some of the environmental issues faced by business and society as well as at least two strategic approaches organizations are using to respond to these issues.
Assume that the U.S. dollar depreciates against the Japanese yen. What is the impact on aggregate expenditures and income?
The monopolist’s marginal revenue is different from the one facing a firm in perfect competition because: (a) The price elasticity he faces is less than unity; (b) The price elasticity he faces is equal to unity; (c) The price elasticity he faces is ..
Each employer faces competitive weekly wages of $2,000 for blacks and $2,700 for whites. Suppose employers undervalue the efforts/skills of blacks in the production process. In particular, every firm is associated with a discrimination coefficient d,..
The quality and amount of education the typical person receives caries substantially across countries. Assume that education (E) affects only the level of the efficiency of labour, and that countries are otherwise identical (in terms of saving rate, ..
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