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Identify the engineering economy symbols involved and the values for the ones that are given.
What is the price level in 2010? What was the velocity of circulation in 2011? What was the quantity of money in 2011?
Each firm in the industry is currently earning zero, economic profit. How many firms are in this industry, and what is the market equilibrium price?
How can the supply curve of exports and the demand curve of imports of a commodity be derived from total demand and supply curves of a commodity in two nations?
What are the average lifetime search costs for an individual who relies strictly on barter? What are the total exchange costs of someone utilizing barter?
Which one could be consistent with the current production combination choice that Senator Creighton believes the nation has made?
What are the effects of Proposal A and Proposal B on Fred's labor supply? Under which proposal would he supply a greater amount of labor?
Calculate the ratio of Federal government receipts to GDP, the ratio of Federal government expenditures to GDP, and the ratio of the budget deficit to GDP.
Economics has difficulty in explaining why wage rates for individuals vary across occupations and industries and within occupations and industries. Discuss.
Calculate the ratio of exports to GDP, the ratio of imports to GDP, and the ratio of the trade imbalance to GDP in the latest reported quarter.
What price can be settled between these two parties such that both individuals can enjoy more of rice and beans?
Fiscal policy, like monetary policy, cannot change the nat- ural level of output. Why then is monetary policy considered neutral but fiscal policy is not?
Using the tax apparatus developed in Chapter 4, show how this reduces the total income of the suppliers in the drug industry.
Wilson walks into his Economics class ten minutes late because he couldn't find a place to park. What would you say if you were the professor?
Which nations are the principal trading partners of the United States? What are the major U.S. imports and exports?
Find the net demand curve facing firm A. Determine A's optimal price and output. How much output do the other firms supply in total?
Why are incomes so much more unequal in poor nations than in rich ones? How might free markets help reduce global poverty? How might they impede that goal?
Assuming a 20-day compounding period, the 2% deduction for prompt payment is equivalent to what effective annual interest rate?
Output per Hour of Work Olive Oil Pasta Greece 4 2 Italy 4 8. Calculate the opportunity cost of producing olive oil and pasta in both Greece and in Italy.
An analyst needs to adjust the nominal GDP for the years 2000 and 2010 into real terms to conclude his comparison analysis. What is the real gain?
Also, suppose you do not have a specific model for analyzing that issue. What should you do? What would a carpenter do in a similar situation?
At the equilibrium price and quantity, what is the own price elasticity of demand for the product?
During the past year, Mario bought a used car for $5,000. Using the expenditure approach, how much has Mario contributed to GDP?
Discuss expressions for national saving per worker and the steady-state level of investment per worker as functions of the capital-labor ratio, k.
Markets reward individuals according to their output; communism rewards people according to their needs. How might these different systems affect work effort?