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a) Suppose the US population is currently 303.8 million people and the population of China is 1.33 billion. If US GDP is $13,850 billion and China's GDP is $6,990 billion, what is the per capita GDP in each country? (Both GDP figures are in terms of purchasing power parity.)
b) If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
If you assume that the forward rate is a predictor of the future spot rate, does it suggest that the Dollar should have appreciated or depreciated from 2001 to 2002? (round to nearest integer)
What are the macro and micro problems? What systems are affected structural, psychosocial, technical, managerial, goals?
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
Problem on standard deviation
Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (MPPL) schedule.
Let's say there's a world-wide influenza pandemic. Assume that the marginal cost (supply) of influenza vaccinations is constant at $40. Assume that everyone in society has health insurance that pays 80% of all medical services
State with brief reasons whether the following statements are true, false, or uncertain.
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