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What is the difference between real and nominal GDP? Does GDP accurately reflect the nation's welfare? Why or why not? How can a country's GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer
two countries country x and country ycountry x can produce either 500 jackets or 250 pairs of jeanscountry y can
Determine the total tax collected by the government on widgets. How much of this tax is paid by consumers? by producers? Show all calculations and explain your work.
what are your thoughts about minimum wage legislation? what kind of a price-control policy is this? who gains? who
suppose idaho could not export its potatoes to other states and countries. would idaho be better off? explain. would
what are the characteristics and mechanisms of expansionary and contractionary monetary policy? is monetary policy
charles calomiris an economist at columbia university said the following about the initiatives of the treasury and the
Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain this phenomenon?
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
because diversification is a desirable strategy for avoiding risk it never makes sense for a bank to specialize in
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
consider a consumer with utility function given by ux1 x2 x1 x2 .i find the demands for goods 1 and 2 when the
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
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