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What is the ratio of real GDP in India to real GDP in the United States in common prices? Why are these two numbers different?
What counts as GDP (I)? By how much does GDP rise in each of the following scenarios? Explain. You spend $5,000 on college tuition this semester.
What are the endogenous variables in the labor market model? Solve for the equilibrium values of these endogenous variables.
Which is larger as a share of GDP in most rich countries, investment or government purchases? What about in most poor countries?
Which should be available on your course Web page or from the Web address in the next question.
Make a plot of per capita GDP (in dollars) for the years 1950 to 2010 for a country of your choice. Label the x-axis year and the y-axis per capita GDP.
What is GDP, and why is it a useful measure? What are the most important components of GDP in the U.S. economy today?
What is the difference between real and nominal GDP? How do you compare GDPs over time within an economy?
Calculate the inflation rate for the 2016-2017 period using the GDP deflator based on the Laspeyres, Paasche, and chain-weighted indexes of GDP.
What is the ratio of Japanese GDP to U.S. GDP if we don't take into account the differences in relative prices and simply use exchange rate to make conversion?
Discuss how this episode is likely to affect the economic well-being of the people in the country and the economy's measured GDP.
How much inequality in per capita income was there throughout the countries of the world a thousand years ago? How much is there today?
How much richer is the typical 40-year-old today than the typical 40-year-old 35 years ago in the United States? What about in South Korea or China?
Why do you suppose growth in living standards was virtually nonexistent for thousands of years? Why did this situation change in recent centuries?
What would the population equal 100 years from now? Compute the level of the population for t = 0, t = 1, t = 2, t = 10, t =25, and t = 50.
Do the same thing for an interest rate of 6%. Plot your bank balances for these two scenarios on a standard scale.
Plot the following scenarios for per capita GDP on a ratio scale. Assume that per capita GDP in the year 2015 is equal to $10,000.
Write a paragraph arguing that the benefits exceed the costs. Write a paragraph arguing the opposite, that the costs exceed the benefits.
For how long is it possible that per capita income in the United States has been growing at an average annual rate of 2% per year?
What is the purpose of macroeconomic models? How can a model of ice cream production be used to explain 50-fold income differences across countries?
On the basis of the selected article, address the following questions: What are some of the strategies that firms engage in to create value?
What is the economic meaning of a recession?
Why does the price of land in South Dakota keep rising? In your answer, include a discussion of the demand for and supply of land.
In New York's low-income neighbourhoods, labour unions have virtually no presence. How can this union try to change the demand for labour?
In Modern Rarity, Workers Form Union at Small Chain In New York's low-income neighbourhoods. Who wins from this union contract? Who loses?