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Question: If the U.S. government wanted to, it could just say that everyone who is unemployed is "employed in the job search" and receiving a paycheck for this "work," and the government could claim that these government employees are producing "job search services." Recall that in the official definition of GDP, government purchases (G), do not include transfer payments like unemployment checks and Social Security.
a. Would this change in the definition of GDP increase GDP? Would it improve well-being?
b. If the government permanently defined unemployed people as "employed in job search," then over the course of a few decades as the economy fluctuated, would GDP look more volatile or less volatile than it does under the regular definition?
A producer of photocopiers derives profits from two sources: the immediate profit it makes on each copier sold and the additional profit it gains from servicing its copiers and selling toner and other supplies. The firm estimates that its addition..
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?
Jim was promised a payment of $20,000 in 3 years in exchange for helping to take care of his grandfather now. What is the present value of that payment at 6% interest?
The town of Centreville, population 16, has two types of residents, Homebodies and Revelers. Using the accompanying table, the town must decide.
Suppose that two nations start out in 2013 with identical levels of output per work hour - say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year.
Give one example of a market failure, such as air pollution, water pollution, illegal immigration, orchild labor, that is an international problem. Describe the roleof the U.S. government in addressing this international marketfailure and explain ..
pollys pet store on the island of atlantis has a local monopoly on the grooming of dogs. there are 1000000 citizens of
"The Commerce department announced that it is shifting from 1987 to 1992 as the base year for calculating the nation's real GDP and price index."
The CEO of Malaysia Airlines said on 6 April 2016 that the carrier recorded a profit in February, Its first positive monthly results in years, and is on track to return to the black (profitable) by 2018.
What to produce and quantity - how to produce by whom to produce and for whom it will be produced are the questions in the economy?
Price Discrimination: Assume that United Airlines knows that it faces the following demand equations and corresponding marginal revenue equations for its (one-way) SFO to Las Vegas route
What is the statutory length of time in your state that the squatter needs to "possess" your land in order to take ownership of it? Is this amount of time long enough, too short, etc? Why?
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