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According to the News on page 162 : Economy: Sharpest Decline in 26 Years The U.S. economy suffered its biggest slowdown in 26 years in the last three months of 2008, according to the government's first reading about the fourth quarter released Friday. Gross domestic product, the broadest measure of the nation's economic activity, fell at an annual rate of 3.8 percent in the fourth quarter, adjusted for inflation. That's the largest drop in GDP since the first quarter of 1982, when the economy suffered a 6.4 percent decline. Hit by tight credit and soaring job losses, Americans slammed the brakes on spending in the quarter. Consumer spending fell at a 3.5 percent annual rate, which was the seventh-biggest drop on record. Spending on big-ticket durable goods plunged at a 22 percent pace, the largest d e cline since 1987. Consumer spending accounts for more than two-thirds of overall economic activity. -Chris Isidore Source: January 30, 2009. © 2009 Time Inc. Used under license ( a ) By what percentage did GDP decline in the fourth quarter of 2008?
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0.75 and the price of peanuts is $1.50. LO4 c. What is the slope of the budget line
The initial price of cup of coffee is $1.00 and at that price, 400 cups are demanded. If the price falls to .90, the quanity demanded will increase to 500. a) calcuate the (arc) price elasticity of demand for coffee
Assume that when you graduate you will owe a total of $29,500 in student loans. Assume that the interest rate is 7.5%, compounded monthly, and that the entire amount must be repaid within 10 years. Determine what your minimum monthly payment will ..
Fancy Gadgets, Inc. has developed a new Thing-A-May-Jig at a cost of $2,000,000. Projected profits from the sale of Thing-A-May-Jigs for the next five years are: $300,000, $400,000, $500,000, $600,000, and $250,000. At the end of the fifth year, t..
Suppose that there is an adverse oil supply shock. Show the impact that this has on the production function, the labor market (i.e. on equilibrium wage and labor), and on the actual amount of output. SHOW a diagram and DISCUSS your findings.
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
Advertising can inform purchaser, but sellers must incur expenses to advertise. If so, advertising can result in higher prices to customers.
Joe Holiday operated a business renting beach umbrellas this past summer. He operated the concession for 3 months. Joe knew that rain was frequent along this stretch of beach, but he was luck and enjoyed 60 rentable days this season. On each renta..
during the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors.
Suppose that as the economic recovery strengthened consumer expectations of annual inflation increased from 2% to 3.5 % and, at the same time, the expected real rate of return required to equate investor demand to the existing supply of 1 year.
Suppose that the supply curve for the labor to a firm is given by: L=100w And the marginal expense of labor curve is given by: MEL= L / 50 Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is gi..
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