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1. Assume that there are five firms in an economy: a steel producer, a rubber producer, machine tool producer, tire producer, and bicycle producer. In producing the bicycle, bicycle producer buys tires from the tire producer (1000$), steel form the steel producer (2500$) and tools from the machine tool producer (1800$). Also, the tire producer buys rubber from the rubber producer (600$) and machine tool producer buys steel from the steel producer (1000$). The bicycle producer sells his bicycles to the final consumer for 8000$.
a. Calculate GDP in terms of value added. Show your calculations.
b. Calculate GDP in terms of final expenditures. Show your calculations.
Are the Marshallian demand functions scale invariant (i.e. homogeneous of degree zero)? Are the goods Giffen?
What is the basic objective of monetary policy? State the cause-effect chain through which monetary policy is made effective.
Next, state three variables that would cause an increase in the price level--indicate whether changes in the variable increase or decrease aggregate demand or short-run aggregate supply.
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
Is job satisfaction an overrated concept in USA and Comment on this question, keeping in mind the current state of our US economy
As an employee of the World Bank, you have been asked to research economic concern in a South American country and write a report on South American country to research.
Should ASEAN countries adopt a common currency like EURO? Why do you think so?
How does the Money supply affect inflation and Nominal interest rates? Explain.What is purchasing - power parity and how does it explain nominal exchange rates?
a) Let the price of good Y be $1 per unit and Erin's income be M. Draw the diagram that illustrates the situation described above. b) How does Erin's expenditure on good X respond to changes in the price of good X? c) Is good X a complement or a su..
What are your thoughts on this question, Do you think that minimum wage laws affect overall poverty? Explain.
ECO 3101 Final Review Questions. In one diagram, graph the market demand and supply functions (or curves). Calculate the equilibrium price of the good produced
He explains why so many companies hesitate to leap across the border - and why they need to make the jump. What do you imagine? A massive conglomerate?
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