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Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export. If the transaction is not included in 2007's GDP, explain why not.
(a) You purchase $5000 worth of Google's stock.
(b) A record company produces 500, 000 CDs of a new artist. Only 100,000 are sold at the price of $15.00.
(c) You purchase a 1999 Lexus for 25,000 and then purchase a set of special tires for $1600
You fix your friend's car saving him $300.00 and in return, he paints your house saving you $400.00.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
Make an example of a comparative advantage model by 'choosing two countries and two products.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
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