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In calculating GDP, we normally exclude intermediate goods produced and used during the period under question. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP.
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
Year Real GDP (2000 prices) Population1987 $6,435,000 million 243 million2005 $11,092,000 million 296.6 million
Whenever the price of any of the goods increase, Richard gives a call to his rich uncle who immediately transfers funds to him so that Richard's utility remains constant. Assume the price of burritos increased by 20%, and even after Richard is com..
Consider the following preliminary data from 2008: ($ in billions) GDP $14264.60 Factor Payments from Abroad $798.30 Factor Payments to Abroad $665.10 Consumption of Fixed Capital $1832.30 Indirest Business Taxes $1118.90 Corporate Profits and Relat..
Calculate the percentage return on the security if the payoff to the security in one year is $1,000, $1,500, $2,000, or $2,500. (Note: This is the total amount returned to the investor, so you may just calculate the total return and not worry abou..
On the basis of the information regarding the risk involved in the two projects, you came up with the following probability distributions for the projects: Project A Project B Probability Net Cash Flows ($) Probability Net Cash Flows ($) 0.3 8,100 ..
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
It has been hypothesized that overall success for college freshmen as measured by grade point average (GPA) is a function of IQ scores (X1), hours spent studying each week (X2), and one's high school average (X3). Suppose the regression equation i..
James Pizzo is the president of a firm that is the industry price leader; that is, it sets the price and the other firms sell all they want at that price. In other words, the other firms act as perfect competitors. The demand curve for this indust..
Determine what is the state of the economy in brazil versus the united states and discuss the GDP of brazil and the united states?
Explain how the Federal Reserve policy makers effect interest rates. Describe the difference between expansionary and contractionary rules.
In the economy of Cape Despair, the subsistence real wage rate is $15 an hour. Whenever real GDP per hour rises above $15, the population grows, and whenever real GDP per hour of labor falls below this level, the population falls.
Moorea spends all of her income on Mochi Frozen Yogurt which costs $1 per cup. She makes $400 per month but lives in a bad neighborhood and is robbed of half her money 20% of the time. Assume YN and YR represent her consumption of yogurt in cups..
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