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GDP Calculation
Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 30 million bushels of corn ad the market price for corn is $5 per bushel. Of the 30 million bushels produced, 20 million are sold to consumers, 5 million are stored in inventory, and 5 million are sold to the government to feed the army. The corn producer pays $60 million in wages to consumers and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million on interest on government debt, and receive $5 million in Social Security payments from the government. The prots of the corn producer are distributed to the consumers.
1. Calculate GDP using i) the product approach, ii) the expenditure approach, and
iii) the income approach.
Derive graphically the long run supply curve for an increasing cost industry. Provide some explanation with your graph.
Deficit spending results whenever the government. Issues bonds to finance. Finances current expenditures that exceed. Refinance the dept. none of these choices
Illustrate what are the main determinants of the amount of excess reserves held by banks. Illustrate what is the primary determinant of deposits and the money supply in the long-run.
"The problem with economic policy becomes most obvious when attempts are made to tinker with little economic changes, as the tools governments have at their disposal are too crude." This statement is a criticism of
Mr. Smith has saved $1,800 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7,500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5,000 per year. In the eighth year, he decided to ..
If by bad management components of a corporation become competitive, the system is destroyed. A common example lies in the practice of ranking people,
St. Mary's Hospital owns a prime piece of real estate in the center of town. There is a small shopping center on this piece of land. Rents for each store are $4,000 per month. The benefactor of this real estate, in her endowment to St. Mary's, stated..
Use the B/C method to determine which should be selected at a discount rate of 0.75% per month over a 6-year study period.
A commuter drives 10 miles on a highway at 60 miles/hour, and then drives 10 miles on local streets at 15 miles/hour. Use the harmonic mean to find the average speed of the trip.
As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
Distinguish between the resources market and the product market in the circular flow model.
If Cameron is a risk neutral inventor, which option will be selected? d. How would your answer change if Cameron is a risk adverse investor?
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