Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
What is the slope of George's production possibility frontier if this PPF is measured with bicycles on the vertical axis and sewing machines on the horizontal axis?
Give a brief description in words of what happens in the short run and long run in each scenario. a. Government spending grows substantially. b. There is an enormous drought that affects crop yields t
In Haye kingdom, four goods are produced: strawberries, shrimp, shovels and sandals. Consumers in Hayekingdom only buy strawberries and shrimp. The table below summariz es the quantities produced an
A. First, calculate GDP using the factor income approach. B. Now we will use the value added approach to calculating GDP.
a) Graph the demand and supply curves for t-shirts. b) Calculate the equilibrium price and quantity c) Calculate consumer surplus (CS), produce surplus (PS) and total surplus (TS) in this market.
Graph the PPFs for both the Asgard and the human race, with spaceships on the horizontal (x) axis and defense shields on the vertical axis (y).
Suppose the economy of Macroland is in long-run equilibrium and that aggregate production in Macroland can be described by the following aggregate production function: Y = 20K 1/2 L1/2. The labor s
Suppose, in 2010, you purchased a house built in 2003. Which of the following would be included in the gross domestic product for 2010?
Initially the market demand for appleasauce is QP = 20 - P and the supply of appleasauce price increase, suppliers will produce 2 fewer jars of appleasauce at every price. What is the total surplus
Given the above information, what is the equilibrium level of real GDP in this economy? Assume that the aggregate price level is constant in this economy. Show your work for full credit.
Suppose something happens in this market such that the market, once it adjusts to this event, finds itself at a new equilibrium price of $800 and a new equilibrium quantity of 12,000 units. Which of
Suppose these two countries decide to specialize according to comparative advantage and then trade with one another. In the space below draw the joint production possibility frontier for these two
Write an equation in slope intercept form given this information. Show your work and explain the steps you used to find your answer.
Draw a graph of the consumption function with respect to disposable income. Measure consumption spending on the vertical axis and disposable income on the horizontal axis. In your graph indicate the
Describe verbally what happens to the marginal product of labor as the level of labor usage increases in Xia. Explain the intuition for this change in the marginal product of labor.
For each of the following scenarios determine the effect on GDP in 2013 of the described event. Then, explain the reasoning behind your answer.
Consider the market for bicycles. Suppose that the price of gasoline doubles due to the imposition of higher excise taxes on gasoline consumption. What do you predict will happen to the equilibrium
Construct Chin and Luis' joint PPF measuring gadgets (G) on the vertical axis and widgets (W) on the horizontal axis.
During the recent financial crisis and the subsequent persistence of long-term unemployment some analysts have argued that this long-term unemployment effectively reduces the level of human capital.
Given this information Josie's opportunity cost of producing 5 shirts is a. 3/5 pair of pants. b. 5 pairs of pants. c. 5/3 pairs of pants. d. 3 pairs of pants.
Draw a graph of the consumption function with respect to disposable income. Measure consumption spending on the vertical axis and disposable income on the horizontal axis.
Find an equation that will express this economy’s labor productivity. How does labor productivity change if the level of capital in this economy changes? Explain your answer. How does labor p
Calculate the growth rate of GDP from each year to the next (i.e. 1900 to 1901, 1901 to 1902... 1999 to 2000). During which year was the growth rate of GDP the highest?
Problem 1. The two equations characterizing the labor market of country Omega are as follows, where L is units of labor and W is the wage rate:
What is the contribution to GDP from the companies that produce gears, sprockets, and bicycles?