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Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $2,000 per year. Since your friend knows that the US GDP per capita is approximately $50,000, he suggests that Americans are materially 25 times better-off than the people of this African nation.
(a) Is your friend's statement accurate?
(b) What general categories of production are not captured by GDP in both the US and the African nation?
(c) Provide some examples of these types of activity.
(d) Why would the exclusion of this type of production affect the measurement of African output more than US output?
(e) Does this mean that residents of the African nation are actually as well-off materially as residents in the US?
1. Explain whether the following statements are true or false. a. The marginal rate of substitution diminishes as an individual moves downward along the demand curve.
Elucidate what happens to Economic growth and Consumption at each stage of the cycle. At which stage of the Business cycle is your firm right now and why.
Determine the three tools the Federal Reserve uses to change the money supply and interest rates in the economy? Which of these tools is most important and explain your answer.
Conventional trade statistics may no longer be as reliable as they once were because:- Inaccurate trade statistics cause problems because they:
Consider a country called Blarnia, which has 1200 units of labor available. Graph Blarnia production possibility frontier
Describe the circumstances that would make reduced vendor prices more appealing to employees than an increase in annual pay of $150. Illustrate your answer with a diagram. Hint - Don't get confused because the vendor sells several items
What is the total delay from the time you click on the webpage until the time that the entire webpage is displayed on your browser? Take into account all messages sent/received by the client host, including DNS, HTTP and TCP-related messages.
If the desired reserve ratio goes down and banks take money out of reserve and put it into loans, doesn't that mean that the money multiplier comes into effect, affecting the money supply and also the total deposits?
explain what will happen to real wage rate The real wage would decrease since there would be a larger working population. The real wage would increase as productivity increases.
The attached spreadsheet shows the total revenues and the total costs at various output levels (Number of Cans) for the company "Dave's Maple Syrup".
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0.
Which of the following is true for perfect competition, monopolistic competition, and monopoly?
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