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Explain why net inventory increases are counted as part of GDP. Discuss why it is not sufficient to measure the level of inventories only for the current year.
Leakages and Injections What are the leakages from and injections into the circular flow? How are leakages and injections related in the circular flow?
Why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly?
Compare and contrast what the leading indicators in the two countries are forecasting.
How are economic fluctuations linked among national economies? Could a recession in the United States trigger a recession abroad?
Why doesn't the National Bureau of Economic Research identify the turning points in economic activity until months or even a year after they occur?
The National Economy Why do economists pay more attention to national economies than to state or provincial economies (such as California or Ontario)?
Bureaucracy and Representative Democracy firm is described as combining managerial coordination. Why Does similar behavior occur in government bureaus? Explain.
What was the government's argument in the Microsoft trial and what was the company's defense? Which side prevailed?
Disincentives How does the implicit tax on earned income affect work incentives? How do some people avoid the implicit tax?
Consider discrimination in schooling, for example. How would researchers detect such discrimination?
Poverty and Age Poverty among the elderly fell dramatically between 1959 and 1974 and has continued. Why have the experiences of these two age groups differed?
What government assistance programs does the Census Bureau consider when calculating household income? What programs are ignored?
Why should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed production technology?
According to the article, what are some differences between work by boys and girls in Indonesia?
Competitive Trends in the U.S. Economy William Shepherd's study of U.S. industries showed a clear increase in competition. How did Shepherd explain this trend?
Why would the government be opposed to a merger of two firms? How does the Justice Department decide which mergers to challenge?
Which of these theories best describes the case of airline deregulation? Which best explains the government's case against Microsoft?
What is the regulatory dilemma? That is, what trade-offs do regulators have to consider when deciding how to control a natural monopoly?
Government Regulation What three types of government policies are used to alter or control firm behavior?
How would changes in the supply of fertilizer affect the marginal product, and thus the income, of farmers in such countries?
How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer to make a profit?
But so many jobs were lost in the boat-building industry that the measure was finally repealed. What did Congress get wrong in imposing this luxury tax?
Under what conditions of demand and supply elasticities does this occur? Under what conditions is little of the tax passed on to consumers?
By how much would farm income change compared to what it would have been without government intervention?