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(a) Suppose your annual income in 2014 was $150,000. Using 2013 as the base year, calculate your real 2014 income measured in 2013 dollars if the CPI is 105 in 2014.
(b) Explain how net exports affect an economy. Calculate a country's current account balance if country's total income accruing to its residents is $150 billion, consumption is $120 billion and country's total spending on capital goods by private sector and government is $30 billion.
(c) Suppose a country's nominal GDP increases from $100 billion in 2012 to $120 billion in 2013. The GDP implicit price deflator was 100 in 2012 and 100.1 in 2013. Calculate the country's economic growth.
It seems that bounded rationality models focus on explaining a particular psychological bias, in a very specific way. In particular, its seems that the state of the art consensus is that one size does not fit all. The prevalence of framing effects ma..
Suppose that the short-run price elasticity of the supply of gasoline is 1.6. If the price falls by 5%, the quantity supplied will change by _________.
Wilson is offered a job in Kansas City that pays $50,000 and a job in Dallas that pays $60,000. Which pair of CPIs would ensure that the two salaries have the same purchasing power?
Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 4 % per year payable quarterly. Leann owned the bond for 3 years. The 1st interest payment she received was 3 months after she bought the bond. She sold it immediately af..
The firm is going to borrow the money for its capital purchases. The interest paid on the debt can be added to accounting costs. Suppose it turns out that the present value of this expense is .10 for every dollar of capital purchased. What is the ..
Price controls are government restrictions on prices charged for goods and services in the market. Government policies regulating prices can be controversial because they keep prices artificially low and can cause shortages. How do price ceilings for..
The following statement is given, “It’s not true there are substitutes for anything. If you want omelets, you need eggs. There are no substitutes for eggs in an omelet.”
Consider the monetary intertemporal model with investment. Analyze a temporary, positive TFP (z) shock and a permanent increase in Ms, respectively. How do the implications di?er? What assumptions on the economic behavior of households and ?rms do th..
Critics of federal banking policy argue that deposit insurance is a key reason for banking failures. The banks enjoy a "heads I win, tails the government loses" proposition. Several possible reforms of deposit insurance have been suggested. For examp..
The 2001 recession ended in November 2001, but the perception of "bad economic times" lingered into 2002 and 2003. What evidence do these graphs provide concerning the lingering perception of a recession.
In Japan, 90-day securities have a 4% annualized return and 180-day securities have a 5% annualized return. In the United States, 90-day securities have a 4% annualized return and 180-day securities have an annualized return of 4.5%.
As an economist you determine the following relationships for the supply and demand of a new product, Cooler Ranch Doritos: Qd = 38 - 2*P Qs = -12 + 3*P. Graph the supply and demand curves for Cooler Ranch Doritos below.
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