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Chapter 2 # 4
Lawns produce no crops but occupy more land (25 million acres) in the United State than any single crop, such as corn. This means that the US is operating inefficiently and hence is at a point inside the production possibility curve. Right?If not, what does it mean?
Chapter 2 # 5
Groucho Marx is reported to have said, "The secret of success is honesty and fair dealing. If you can fake those, you've got it made." What would likely happen to society's production possibility curve if everyone could fake honesty? Why? (Hint: Remember that society's production possibility curve reflects more than just technical relationships.)
Chapter 30 # 3
The government has just increased taxes.a) Demonstrate the effect on the price level and output in the standard model.b) How would your answer to a differ if there were partial crowding out?c) How would your answer to a differ if there were complete crowding out?
Chapter 31 # 4
Suppose a country's nominal GDP is $600 billion, government expenditures less debt services are $145 billion, and revenue is $160 billion. The nominal debt is $360 billion. Inflation is 3 percent and interest rates are 6 percent.a) Calculate debt service payments.b) Calculate the nominal deficit.c) Calculate the real deficit.
Find the overall change in the economy's money supply if, when the reserve ratio is 5%, the Federal Reserve System buys $250 million of US government bonds from the banking system. What would have been the change if several billionaires deposited ..
Assume the government proposes to tax these benefits at the same rate as other types of income. What is the impact of the proposed tax on the optimal retirement age.
The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q-Evaluate the wisdom of the firm's pricing policy
Illustrate what environmental factors or trends, (technology, social, political, demographic, global, etc. ) do you believe will have the greatest impact on critical thinking at work or in another area of your life.
Elucidate economic influences which can affect the airline industry in a negative way.
In light of the theory of comparative pros are any restrictions on free international trade advantageous
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Derive the book supply curve where price is expressed as a function of output. Calculate the equilibrium level of output and local bookstore sales revenue.
Illustrate what can you say regarding your price elasticity of demand of apples
Suppose the Fed does not change the money supply. According to the theory of liquidity preference, what happens to the interest rate? What happens to the aggregate demand.
Explain how has technology impacted the globalization process. Is this positive or negative in the short run? What about in the long run.
Val Hawkins borrowed $15,000 at a 14% yearly rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments.
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