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A house is worth $400,000 in 2020, but was worth $150,000 in 1990. Using prices in 1990 as the base year, know that prices in the economy have grown on average by 1.50 times between 1990 and 2020.
(i) If the price of the house had risen at the same rate as average prices, what would the house be worth in 2020? Briefly explain your answer.??
(ii) Without doing any calculations, but simply based on information in the question and your response in (i), would you be better off having bought this house in 1990 or 2020? Briefly justify your answer.?????
(iii) Calculate the rate of inflation between 1990 and 2020.???
b. Assume wage negotiations are done and agreed based on the CPI. Briefly explain what happens to employers and employees when the CPI is upwardly biased (i.e. the CPI is estimated to be higher than what it should be).
Explain this function. Identify two rationing tools other than market forces.
During much of the 19th century in Great Britain, independent auditors were not only allowed to have an equity interest in their customers but were needed to invest in their clients in certains circumstances.
a. What happens to aggregate demand curve b. What happens to level of output and price level in the short run and in the long run
Using demand and supply analyst briefly discuss the effect of each of the following on the market for cigarettes: a cure for lung cancer is found b). The price of cigars increases. c.) Wages increase substantially in states that grow tobacco. d.) A f..
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Evaluate the merits of the conventional wisdom in light of the empirical evidence concerning the magnitudes of localization and urbanization economies?
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Assume that the pessimistic and optimistic estimates in Problem 10-6 have 40% and 20% probabilities, respectively.
Using 4 different figures, plot the time paths showing the effects of a permanent increase in the United States money supply on: (a) U.S. Money supply (b) The dollar interest rate (c) The U.S. price level (d) The dollar/euro exchange rate
Julio receives utility from consuming food (F) and clothing (C) as given by the utility function U(F,C)=FC. In addition, the price of food is $2 per unit, the price of clothing is $10 per unit, and julio's weekly income is $50. What is julio's margin..
A couple wants to save for their daughter’s college expense. The daughter will enter college 10 years from now and she will need $45,000, $46,000, $47,000 and $48,000 in actual dollars for 4 school years. What is the equal amount, in actual dollars, ..
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