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Suppose that the total market value of all the final goods and services produced in the country of GDPLAND is $34 billion in 2008 ( measured in 2008 prices ) and $36 billion in 2009 ( measured in 2009 prices ). Which of the following statements is definitely correct?
(a) Production increased in GDPLAND between 2008 and 2009
(b) Average price levels increased in GDPLAND between 2008 and 2009
(c) Nominal GDP increased in GDPLAND between 2008 and 2009
(d) Real GDP increased in GDPLAND between 2008 and 2009
If their account earns 6 percent per year compounded quarterly, how long will it take them to have a total of $20,000 in their savings account?
Real versus, nominal GDP Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities for the goods over a three-year period. The inflation rate in 2010 was. Why is real GDP a more accur..
An asset with a first cost of $250,000 is expected to have a maximum useful life of 10 years and a market value that decreases $25,000 each year. The annual operating cost is expected to be constant at $25,000 per year for 5 years and to increase at ..
Listed in descending order of numerical importance, the business population is comprised of: a) sole proprietorships, corporations, and partnerships b) sole proprietorships, partnerships and corporations c) partnerships, corporations, and sole propri..
Why are savings and investment so important for economic growth? How do savings and investment affect present and future consumption? Explain. How does the Production Possibly Curve behavior when the economy is growing and when the economy is sinking..
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift the function. A change in nurse remuneration from salary to fee for service. A change in case mix of patients, wi..
Consider a worker who is paid a ?at rate w to perform a task. The worker gets to choose the amount of e?ort she exerts; the harder she works the more output she produces. In particular, her ?rm earns v for each unit of e?ort e the worker exerts. What..
Use the quantity equation, MV = PY, to answer the following questions. Define and fully explain what each term in the quantity equation represents. Represent the quantity equation relationship in growth rates. Explain what drives each of the four gro..
The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000. Then what is the income elasticity of wheat?
Suppose the demand for paper is given by Qd = 360 – 4p and the industry marginal cost of production is given by Qs = 6p. In addition, the firm’s production imposes an externality with an associated marginal damage (MD) = 2. Please include a graph wit..
he R. J. Jones Company is a publisher of cowboy novels - novels about the great western experience, where men were men, horses were horses also well, you get the idea.
Find the 90% confidence interval for the compensation of a year when the productivity is 85 and interpret the C.I.
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