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Compared to 2009, when the Great Recession ended, in 2014 the U.S. Bureau of Labor Statistics reported that about about 10 million more people were on firms' payrolls (i.e., had a job). In reality, many more than 10 million jobs were created over those 5 years.
Which one of the following uses a "market basket" in its calculation?
For utility maximization, consumers will purchase different consumption bundles until their marginal utility per dollar are equal. So, when the marginal utility of beef is 10 at price of $5 per lb and the marginal utility of chicken is 8 at price of ..
Compute the contributions to GDP of these transactions, showing that expenditure also income approaches give the same answer.
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1’s reservation price for accepting the risky job is $1; worker 2’s reservation price is $2, and so on. Because of technological reaso..
A parent has a pile of toys to divide between two children. Assume that there is an even number of each toy. What method of dividing the toys ensures that the final division is efficient? Divide the pile arbitrarily, and then let the children trade t..
The price of Commodity 2 is $2 per unit if you buy less than20 units. However, there is a penalty: the price of any additional unit of Commodity 2in excess of 20 units raises to $3 per unit. Draw your budget set. At which bundle(s)you budget const..
ABC industries Inc is considering to acquire a new equipment. The required initial investment is estimated to be $325,000. Projected retruns over the projects five year life are; $82,500.00 , 88,475.00, 75,680.00 , 95,625.00 and 97,525.00 respectivel..
Jason wants to perform a two-tailed test for equality between two independent sample proportions.
Briefly describe the Ptolemaic and Copernican models of the solar system. What was the basic flaw of the Ptolemaic system? Is the Copernican model also flawed?
You are in a meeting about the price strategy to adopt for a product your firm is about to introduce into a new market. Jack says, “We should use price skimming.” Jane says, “We should use penetration pricing.” What assumption is Jack making about th..
The terms of trade between two countries refer to
Willy owns a small chocolate factory, located close to a river that occasionally floods in the spring, with disastrous consequences. Next summer, Wily plans to sell the factory and retire. The only income he will have is the proceeds of the sale of h..
In the preceding problem, suppose the Federal Reserve announces a policy of printing $100 in new bills every day and giving them to Janet Yellen’s mom. At the moment the Fed announces this policy, what happens to the demand for money? At the moment t..
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