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1. How would you explain the finding that people in high-income economies seem happier than people in low-income economies, but, over time, people in high-income economies do not seem to be any happier even if their country grows richer? Briefly discuss.
2. Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.
1.If total costs are given by TC(Q) =17.Q+0.004Q2 then what is the total fixed cost?
Illustrate what is the cross elasticity of demand among the two brands of widgets.
Nominal GDP in a country was $8,759.9 billion in 2003 & $9,254.6 billion in 2004. The price index was 102.86 for 2003 & 104.37 for 2004.
Determine if any change in the equilibrium quantity of Y or other direct effects of the exogenous shock affect the quantity that households desire to consume at any given real interest rate.
Assume the supply for good x is estimated. Is good x storable. Explain it numerically the data you are using to suppor answer.
Explain how globalization affects the gross domestic product (GDP).
Describe briefly the reasons why the following transactions would or would not be included in GNP and compare and contrast stabilization policy recommendations of monetarists and activists.
With a U.S. marginal propensity to consume, assumed at 1/2, what will happen to the following with the neoclassical model of national income if the Bush Tax Cuts expired
Given that you receive your payout at the beginning of every semester and assuming that you intend to maintain a steady consumption pattern until you leave university. What would be the effect of the gift on your consumption pattern.
Some workers in the economy are paid a flat salary and some are paid by commission. Which of compensation scheme would require more monitoring by supervisors? In which case do firms have an incentive to pay more than the equilibrium level (as in the ..
Unemployment is low and inflation is rising, but slowly. Gross Domestic Product is also rising. The Federal Reserve may increase the reserve requirement at this point in order to
Businesses spend $1,000 in new investment spending. And, foreigners spend $500 on exports. In order to avoid any problems of inflation or unemployment, the government should have a budget deficit or surplus of:
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