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If the nominal GDP is $559 billion in the base year, and it rises to 577 in Year 1, and 605 in Year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year?
If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year? Show your work in all cases
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Explain how relevant to the real world do you believe this result is in the "contestable markets" view of the competitive process.
Globalization has changed world economy in many ways. One result of globalization is off shoring which has had its share of economic impacts on domestic employment as well as world employment.
A firm has a long-run cost function C1(y) = y^3 - 10y^2 + 30y. 1) Derive the firm's long-run average cost function 2) Derive the firm's long-run marginal cost function 3) Find the level of production with the lowest average cost 4) What is..
What would you expect to be the value P(having the trait and blue eyes) if eye color and trait status were independent? C. Which of the following expressions describes the relation- ship between the events A = a person has brown eyes and B = ..
Explain the households budget line and its relationship to the indifference curve.
The crowdedness of the city is fixed, and has no relationship to the distance from the central business district. In other words, as we go further and further from the central business district, the level of crowdedness of the apartments remain un..
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
Explain why is the depreciation of capital good a cost of society
Suppose that the currency drain ratio is 10 per cent of deposits and the desired reserve ratio is 1 per cent. If the Reserve Bank sells $100,000 of securities on the open market, calculate excess reserves after the first round. Calculate the money..
Describe the Diamond-Water paradox and the solution. Explain why price is greater than marginal revenue for a single-price monopolist and how this differs from perfect competition.
Assume that the economy is currently in a recession. If policy makers take no action, how will economy evolve over time? Describe in words and using an aggregate demand diagram.
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