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How do the following activities contribute to the US Economy?
1) a teenager mowed the family lawn, otherwise the family would have hired someone for $100
2) An appliance store finally sold for $2,000, a stereo set that had been sitting in its warehouse for two years.
3) Last week a business produced $16,000 worth of consumer goods but sold only $600 worth.
During the month, there are 26 workdays. The company has 15 workers.
q.use demand and supply curves feel free to use graphical depictions but it is not required to help you determine the
Explain how international trade increases economic efficiency and how trade barriers and tariffs inhibit efficiency.
What is the future worth of a series of equal monthly payments of $5,000 if the series extends over a period of six years at 9% interest compounded?
How large a tax cut would be needed to achieve the same increase in aggregate demand? Determine one possible combination of government spending increases and tax increases that would accomplish the same goal.
Three basic facts about men and women in the labor market are these: 1. As a group, women now get just as much schooling as men do (actually, a little more). 2. Upon graduating from college, women receive salary offers that are the same as men’s offe..
AMS recently instituted an in-house reprocessing program. The profits of this program include not only the benefits to the environment of recycling but also the goodwill generated by AMS's leadership in this area.
Estimate amount of former foreign-monopoly profit that is transferred as tariff revenue to home nation when home nation imposes tariff.
Suppose that with 1 unit of labor, Canada can produce 40 TVs or 20 computers. With 1 unit of labor, Taiwan can produce 30 TVs or 10 computers. Assume that a country imposes a tariff in order to gain a price advantage on an item. What is the typical r..
Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increased between 2002 and 2003? Why or why not?
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
A student taking economics, statistics, and finance has decided to spend 9 hours per week studying. The objective is to maximize the average grade, which means maximizing the total grade in the three courses. How should the student allocate her time?..
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