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In the Land of Milk and Honey, they produce two goods: Milk and Honey. In 2014, milk cost $2 a gallon and they produced 20 gallons. Honey cost $1 a pint and they produced 40 pints. In 2015, milk cost $2 a gallon and they produced 24 gallons. Honey cost $1 a pint and they produced 48 pints. In 2016, milk cost $2.50 a gallon and they produced 24 gallons. Honey cost $1.25 a pint and they produced 48 pints. The base year is 2015.
-During which time period did the standard of living improve more? From 2014 to 2015 or From 2015 to 2016
-Calculate real GDP in 2014.
-Calculate nominal GDP in 2015.
-Calculate the GDP deflator in 2016.
-Calculate the rate of inflation from 2015 to 2016. Express your answer as a percentage.
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Classical economists believe that savings is crucial for economic growth because:
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A secondary reason for a government to impose a tariff is to:
Midwestern power companies generate much of their electricity by burning coal. Tall smokestacks, required because of concerns about local pollution, carry the sulfurous smoke high into the atmosphere. Give northeasterners the right to clean air.
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Assume that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000.
Construct the 90% confidence interval for the mean consumption of milk among males over age 33. Round your answers to one decimal place.
Consider the following two probability distributions for sales: Graph the two distributions shown in table. What are the expected sales for the two probability distributions? Calculate the variance and standard deviation for both distributions. Which..
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