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Define gross domestic product (GDP). How is GDP measured? What is included in GDP? What is not included in GDP? What is the difference between real GDP and nominal GDP? What does real GDP measure?
Draw the circular flow diagram of income and expenditures. Include the demand sectors C, I, and G; the flow(s) of real goods and services; the flow(s) of income ; and the flow(s) of spending.
Now assume that there is a dominant firm, whose marginal cost is constant at $6.00. Derive the residual demand curve that it faces and calculate its profit-maximizing output and price.
What is an economic model? How do economists use these models? What is the difference between an endogenous variable and an exogenous variable? Give me a simple mathematic model that expresses real
Economists use three macroeconomic variables to measure the performance of the economy. What are these variables. Provide a working definition of each and what each measures.
Can the trading value of gold exceed in equilibrium? Explain. What is the e¤ect on gold consumption and mining of an increased use of gold as money?
The Production Possibilities Frontier shows a combination of Capital and Consumption goods. What would be the future effect in the PPF?
Suppose, instead of a constant velocity money demand function, the velocity of money in this economy was growing steadily because of financial innovation. How would that affect the inflation rate? E
Consider the perfectly competitive market for ceiling halogen lamps. The graph below shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm
Draw a Production Possibilities Curve for the relationship between gun production and butter production. How would you represent economic growth with the curve?
Describe a price discrimination opportunity of a known company (direct, indirect, or bundling) What advice/recommendations would you give the company?
What is the "current macroeconomic situation"in the U.S.? (inflation and recession) What can or should the U.S. Congress and the Federal Reserve do about it? Is there anyway for us to avoid any of t
Can you find historical examples of situations where these changes occurred? If the local currency is rejected as a unit of account and a medium of exchange, what alternatives might be found to take
Is there any way copyright holders might benefit from having their material posted, without approval or compensation, on sites such as YouTube?"
A firm will have constant profits of $100,000 per year for the next four years and the interest rate is six percent. Assuming these profits are realized at the end of each year, what is the present
the number of professors visited during the previous week. Listed below, ordered from smallest to largest, are the number of visits last week, Determine the median number of calls.
Describe the economic situation right now in one paragraph. Explain 2 important indicators the Federal Reserve System will use to analyze this particular economic situation.
Calculate the equilibrium price of guitars and the equilibrium quantity of guitars in State College. Show your work. Suppose the actual price of guitars is $500. Determine if there is a shortage, a s
Alwyn Young has a recent paper in which he studies the macroeconomic consequences of the horrible tragedy of AIDS in sub-Saharan Africa. Answer the following questions, motivated by his research.
However, Sonic Boom is now selling only 200 drum sets per month at the new price. How should price elasticity be used for pricing this product?
The two leading producers of beer in the United States have market shares of 48 percent and 18 percent, respectively. On the basis of that information, we can conclude that:
Suppose that Sam is now growing wheat on enough land to produce 7,000 bushels of wheat. What is the opportunity cost, in bushels of corn, of an additional bushel of wheat?
Using T-accounts, show what happens to the money base, bank reserves and checkable deposits in the banking system when the Fed sells $2 million worth of bonds to the First National Bank.
Suppose that a farmer has 15 acres of land that can produce 20 bushels of corn per acre or 10 bushels of wheat per acre. What is the opportunity cost to the farmer, measured in bushels of corn, of pro
One aspect of our total compensation package (what we earn at work) that is often overlooked in value is the package of benefits we receive from our employer. Insurance and paid leave can oftentimes