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If population increases at an average rate of 1% per year and output increases at an average rate of 5% per year, then per capita real GDP will double in how many years.
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Sort the list below according to whether or not an item is an assumption made under perfect competition (aka pure competition or competitive industry). Assumed in perfect competition. Not assumed in perfect competition.
Draw a diagram with cost curves illustrating the relationship between long-run and short-run total cost curves. Explain the tangencies between the long-run and short-run total cost curves in this diagram using another diagram containing isoquants ..
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week. If this is a two-good, two nation model
Classical economic theory says there is a linkage between investment and savings. Explain the source of this linkage. What is the argument that says this link is not as strong as classical economists believe? (Hint: Differentiate between the parties ..
What measures can families take, even in the absence of additional income or health services, to keep their children healthy? Explain
Frank is the receiving dock supervisor for Cabinet Co., a company that manufactures metal storage cabinets. His job is to supervise the inspection, and stocking of components and materials used in the manufacture of the cabinets as they are delivered..
Suppose that you owe $10,000 when you graduate from college. Your Federal Stafford loan has an annual interest rate of 4.5%. If you want to pay back the entirety of your loan in ten years, what would be your total payment per month?
In order to maximize net benefits, the managerial control variable should be used up to the point where:
One could argue that a long commute to work is an undesirable characteristic of any job. If most people live in the suburbs.
During World War II there was a freeze on wages, and corporations found they could evade the freeze by providing other fringe benefits such as retirement funds and health insurance for their employees. The Internal Revenue Service went along with thi..
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $3 per bag no matter how many bags are produced. You find out that if yo..
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
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