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2008 2009
Population 800,000 808,000
Number of hours worked 2,000,000,000 2,000,000,000
Real gdp 12,000,000,000 12,362,400,000
Real gdp per capita
Labor productivity
What was the growth rate of the population between 2008 and 2009, round to the nearest percent ?
suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..
suppose that, during the past year, the price of a laptop computer rose from $2,300 to $2,700 per laptop. During the same time period, consumer sales decreased from 600,000 to 500,000 laptops. Calculate the elasticity of demand between these two p..
Assume that the consumption schedule for a private open economy is such that consumption C=50+0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the levelof real GDP and constant at Ig=30 and Xn=10.
A monopolist has two types of customers. There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must cha..
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
You currently pay $10,000 per year in a rent to a landlord for a $100,000 house, which you are considering purchasing. you can wualify for a loan of $80,000 at 9% if you put $20,000 down on the house. To raise money for your own downpayment, you w..
A retailer has offered you two options to purchase kitchen and laundry appliances: A. $3598.88 cash today; or B. a down payment of $912.50 plus three additional identical payments 80 days, 160 days, and 320 days from today.
Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import? Determine Venezuela's consumer surplus and producer surplus. b. Assume that Venezuela imposes a quota that limit..
A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months - not per month), of which $8,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm..
The firm believes that AVC varies with the level of output and wages. Alan Anderson, the economist in the research department of the firm, collects monthly data on output (the number of diskettes produced), average variable costs, and wage rates p..
First bank has total deposits of $2,000,000 legal reserves of $220,000. If the reserve requirement is 10 percent, what is the maximum loan that First bank can make, and what is the maximum increase in the money supply.
In 1990 Mrs. John Hay Whitney sold her painting for $71 million. The buyer also had to pay the auction house commission of 10%, or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000.
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