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Compare and contrast the expenditure versus income approach to GDP. Why are the results the same? What are some of the drawbacks of using GDP to measure economic well-being?
Suppose that the substitution effect of an increase in the real wage is always larger than the income effect for the representative consumer.
What are the advantages and disadvantages of the Federal Reserve becoming more transparent about its actions and decisions and disclosing more information to the public?
Explain what factors determine the slope of the required investment line. Assume the economy has achieved the balanced growth steady state.
Explain what factors determine how much investment is required to maintain a given level of capital per effective worker.
What two kinds of changes in the capital stock can improve labor productivity? How can each type be illustrated with a per-worker production function?
What type of economic flow would be illustrated by the purchase of a Mexican candy-making factory by a U.S. corporation?
She has indicated that her reservation salary is $110,000. Should you make her an offer at the salary or continue the interviewing process?
Why is presidential power "conditional" - that is, why is affected so substantially by circumstances, the makeup of congress, and popular support?
Use at least one of the four Marshall-Hicks laws of derived demand to explain this difference in effectiveness between the unions.
If your cost of producing bran muffins is C(Q) = Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.
What is the price level? What is the velocity of money? What money supply should the Fed set in year 2009 if it wants to keep the price level stable?
A manager is attempting to assess the probability of a recession ending in the next six months, and its impact on expected profitability. The expected profits over the next six months are:
With gamble B, he either gains $3 or loses $2 with a 50% probability. Frank prefers gamble B to gamble A. What can we conclude?
Sam thinks 80 percent of the stores charge $300 for the VCR and 20 percent charge $200. Sam's optimal decision is to?
Distinguish between economies of urbanization and economies of localization. Give examples of each.
Describe the one-input, one-output model. Identify the endogenous and exogenous variables of the model.
Dscuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Which specific disclosure and measurement methods will be used in presenting the companys accounts?
Analyze the roles of physical capital, human capital, technology, and natural resources in influencing long-run economic growth of aggregate output per capita, and how governments can contribute, o
Consider a linear Cournot duopoly with inverse demand curve p = a - Q where Q is market quantity. Find the Nash equilibrium in pure strategies.
Consider each of the following events, and discuss the effects they will have on the market clearing price and on the demand curve faced by the individual rental store.
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)?
What are some of the problems with the Consumer Price Index? and do you think it is a good measure of inflation?
Identify and explain three trade restrictions. In your opinion, which method of restricting trade is the most efficient?