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A price index measures:
the base cost of a fixed quantity of goods divided by the current cost of a fixed quantity of goods.
expenditure in a base year divided by expenditure in the current year.
expenditure in the current year divided by expenditure in a base year.
the current cost of a fixed quantity of goods divided by the base cost of a fixed quantity of goods.
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
Suppose that U.S. prices rise 4% over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.
In an economy production is characterized by the neoclassical function =K.5N.5. Suppose it has a saving rate of .1, a population growth rate of .02, and an average depreciation rate of .03. At the steady-state value of k, is there more or less capita..
Newspaper reports frequently suggest that the administration (regardless of who is president) wants the fed to lower interest rates. Why do you think that might be the case?
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Dranove and Wehner (1994) argue that the statistical evidence used to support the supplier induced demand hypothesis is invalid because they find that the same statistical techniques also suggest that obstetricians induce demand. Briefly explain the ..
Explain what it would mean for you to move upward and to the left along your personal PPF. What kinds of adjustments would you have to make in your life to make such a movement along the frontier?
The slope of the short-run aggregate supply curve can be explained by:
Which of the following is best defined as a consciously coordinated social unit, composed of two or more people, which functions on a relatively continuous basis to achieve a common goal or set of goals?
The initial cost of a pickup truck is $11289 and will have a salvage value of $3730 after five years. Maintenance is estimated to be a uniform gradient amount of $133 per year, with zero dollar for first year maintenance. The operation cost is estima..
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