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You can think of the CPI - U index as a more accurate measure of inflation if you want to compare the cost of living in urban areas. Using the information above, compute the annual inflation rate i
What is the percentage change in nominal GDP from 2013 to 2014 ? Provide any formulas you use and show your work in calculating this answer.
In the United States, what is the opportunity cost of producing an additional shirt (measured in terms of foregone computers)? In China, what is the opportunity cost of producing an additional shirt
What is the percentage change in score from the first to the second exam? Show your work and provide any formulas you use in your calculation.
The lower than expected inflation rate makes this mortgage less expensive in real terms for the Simpsons.
True or False? The natural rate of unemployment is defined as the sum of the frictional and structural unemployment rates. Alternatively, the natural rate of unemployment is equal to the value of
Given this information, what can Alice expect to happen to Wonderland's nominal GDP this year relative to last year's nominal GDP in Wonderland? Assume production in all other markets is unaffected
The determining factors behind the central bank's interest rate policy is investigated primarily in:
Write an equation for the consumption function with respect to disposable income, [Y - (T - TR)]. Show all the work you did to find this equation
Given this information and holding everything else c onstant, what do you predict will happen to the following? i. Real GDP will ________ ii. Labor productivity will ______ iii. Capital productivity w
We know with certainty that the equilibrium price of good Y is indeterminate if good Y is an inferior good.
GDP for Gateland, a small economy, is $420 million in 2016. In 2017, Gateland estimates that its GDP will grow to $430.5 million. If this growth occurs, what will be the percentage change in Gatelan
You are told that Marcia's opportunity cost of producing one fiddle is 1 harmonica, Tom's opportunity cost of producing one fiddle is 2 harmonicas, and Susie's opportunity cost of producing one harm
Draw a graph of the consumption function measuring consumption spending on the vertical axis and GDP, or Y, on the horizontal axis. In your graph make sure you identify the values of any intercepts
Describe verbally what happens to the marginal product of labor as the level of labor usage increases in Oscarville. Explain the intuition for this change in the marginal product of labor.
Problem 1. For each of the following scenarios determine the effect on GDP of the described event. Then, explain the reasoning behind your answer.
Consider the market for automobiles which is initially in equilibrium. Suppose that the discovery of fracking, a new technology, allows petroleum producers to produce more petroleum at every price w
You are given two pairs of coordinates that lie on a linear relationship. The two pairs of coordinates are (x, y) = (4, 8) and (20, 10). You are asked to find the equation for the line that these tw
The consumption function for an economy is given as C = 100 + .75[Y – (T – TR)]. Given this informatio n and using the simple Keynesian Model presented in class, the tax expenditure mu
Problem 1. The official unemployment rate that is reported in newspapers in the United States has in recent years: a. Overstated the level of unemployment due to its inclusion of discouraged workers.
Question 1: Use the following statements (#1 - #4) to answer the following question. For a monopolist to practice price discrimination, it must be able to:
Which of the following describes the effect on equilibrium price and quantity of orange juice resulting from an unexpected announcement that orange juice prevents cancer?
It is possible for a firm to experience diminishing marginal returns in the long - run.
Suppose the market for corn (quantities in tons) has the following demand and supply functions: Supply: P = Q. Demand: P = 12 - 2Q
Microeconomics focuses on the determination of issues like unemployment, inflation, and interest rate.