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1. Explain why imports are subtracted in the expenditure approach to calculating GDP.
2. GDP calculations do not directly include the economic costs of environmental damage-for example, global warming and acid rain. Do you think these costs should be included in GDP? Why or why not? How could GDP be amended to include environmental damage costs?
The accompanying table illustrates the marginal benefit to Sian per year of education and the marginal cost per year of education. Each year of education has a marginal external benefit to society equal to $8,000.
Assume that when using the multiple regression in the formula Y = b1X1 and b2X2 + E that X1 represents wages and X2 represents transportation expenses?
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
Two key elements that affect demand are the season (Xmas and Summer are best times) and timing of other film releases. Both Studio Roxie and Midnight Flicks are producing action movies. The 2 studios must choose between releasing on November 10 or..
If the government operates on a balanced budget before interest payments are taken into account, at what rate must GDP grow in order for the debt-GDP ratio to remain unchanged?
Price of copper plunges 5.6 % after hope for a quick resolution to Europe's debt crisis faded. Investors are concerned that signs of slower growth in Europe, the US and china could weaken for the industrial metal.
Nosebleeds: P = 30 - 2Q With the stadium built, payers paid, and the other costs of playing baseball game incurred, the marginal cost of admitting an additional customer is essentially zero (MC=0). Everything else is "sunk" or fixed costs, TC = 10..
Assume that the firm's marginal cost is given by MC = 0.2q + 3. What is the level of output q that maximizes profit? b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit. c) Graph these results and label firm's s..
the yield on thirty-year U.S. Treasury bonds is 10%. You would be indifferent between buying a thirty-year Treasury bond and buying a thirty-year municipal bond (ignoring differences in liquidity, risk, and costs of information)
Suppose changes in the age structure of the workforce meant that full employment in 2002 was actually associated with an unemployment rate of 4.5 percent rather than the 5 percent figure used earlier. Recalculate the output costs of the recession...
Much to the surprise of the licensers, the price of the licenses was zero: No one was willing to pay a positive amount for a pet grooming license.
Economic Decision whether to stay out of town or spent the night. The town is 150 miles from my house which takes 2.5 hours of drive time. The hotel cost $119.00 per night. While I will have 5 hours my time value is $25.00 per hour of non-producti..
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