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Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value.
Suppose an economy consists of three goods: pizza, sodas, and televisions. The table below provides the prices and quantities of these goods in 2000 and 2003.
Pizzas Sodas Television
Price in 2000 $15 $1.50 $200Quantity in 2000 20 60 10
Price in 2003 $18 $1.75 $225Quantity in 2003 25 80 20
When the economy experiences inflation, it is possible for nominal GDP to increase while real GDP remains unchanged.
The university is selling bonds to cover the cost of a new power plant for UAF. The face value on the bonds is $100 million and is to be repaid in 10 years with coupons paid annually. There is a 15% chance the effective interest rate will be 5%, 2..
A firm is planning to manufacture a new product. As the selling price is increased, the quantity that can be sold decreases. Numerically they estimate P = $35.00 - 0.02Q (P = selling price per unit, Q = quantity sold per year)On the other hand, ma..
Given an economy that is described by the following equations: C=2,000+0.8(1-t)Y t=0.25 I=800-200i G=1200 L=0.2Y-100i M=45,000 P=150 What equation describes the goods market equilibrium
Discounting is examined. Suppose that individual demand for a product is given by QD=1000-5P. Marginal revenue is MR=200-0.4Q, and marginal cost is constant at $20. There are no fixed costs. a) The firm is considering a quantity discount. The firs..
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
The market interest rate is 10 percent and is expected to stay at that level. Explain your choice in each of the following situation: a. Would you prefer $500 gift today or $540 gift next year b. Would you prefer a $100 gift now or $500 loan without..
The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a..
Determine the effect of mandated health insurance profits be on the labor if the employees do not place any value on the benefits? What if they do place value on the profits?
An agent for a residential real estate company has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that goal, the agent would like to use the size of an apartment, as defined by square..
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
If American workers produce 4 cars a year and 10 tons of grain and Japanese workers can produce 4 cars per year and 15 tons of grain, what would the PPF (Production Possibilities Frontier) graph look like
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
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