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Year 1 Year 2
Quantity Price Quantity Price
Oranges 100 $5 150 $5
Pears 100 $3 75 $4
a. What is the growth rate of constant-dollar real GDP using year 1 as the base year?
b. What is the growth rate of constant-dollar real GDP using year 2 as the base year?
A policymaker is deciding how to finance the construction of a new airport. He can either pay for it by increasing citizens' taxes or by printing out more money. What are some short run and long run consequences of each option
George is seen to place an even-money $100,000 bet on the Bulls to win the NBA Finals. If George has a logarithmic utility-of-wealth function and if his current wealth is $1,000,000, what must he believe is the minimum probability that the Bulls will..
Should U.S. national forests become privatized (sold to private owners)? Why or why not? Be sure to back up your response with economic analysis and reasoning.
Suppose a drug developer just received a patent on a new chemical compound, which could be used in developing a new drug to control cholesterol. The developer knows (with certainty) that it could successfully develop the compound into a safe
lg electronics plans to invest 30 trillion won by 2010 to make this happen hoping that the cost savings and reduction
the us treasury isnt the only issuer of bonds. corporations also issue bonds that have future payment structures like
part-1assume preferences can be represented by the following utility function ux1 x2 3 ln x1 ln x2a.nbsp is the
Question 2. Suppose a worker has 112 hours a week, non-labor income of $150 a week, and a wage rate of $10/hour. Assume the price of consumption goods increases from $1 (implicitly assumed price) to $2. What is the effect of this increase on a..
Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increase dramatically, the real GDP for the economy can still fall.
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies
if you have the utility function uxy min3x y 4y. where x is measured on the horizontal axis and y is on the vertical
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
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