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Question: Compare GDP of two countries (one should be a country that you are familiar with).
a. How would you conduct a development accounting across the two countries?
b. Give one economic reason why the difference in GDP exists.
Suppose there are 10 firms producing fresh mochi ice cream in the Los Angeles area. The production function for each firm is given by Q(K, L) = K v L, the rental rate per machine is $2000 and the wage is $36.
Illustrate what are the impacts of innovation and technology on the cost of production.
Suppose that there is technological progress in the wheat industry, so that Home can produce more wheat with the same amount of labor. What happens to the Home PPF and what happens to the relative price of wheat?
They buy golf balls, clubs, and tees. In 2010, they bought 2,000 golf balls for $3.00 each, 200 clubs for $80.00 each, and 1,000 tees for $0.10 each. In 2011, they bought 2,100 golf balls for $3.50 each, 250 clubs for $90.00 each, and 1,500 tees f..
What is the difference between your running a budget deficit and adding to your own personal debt and the federal government running a budget deficit
Why do you think that economists interpret the high price elasticity of demand for marijuana by regular users to be consistent with the fact that 90 percent of user’s do not become habitual users of the drug?
Review the list of industry topics and select one. You will find that many of these topics are interrelated and discussion of more than one listed below is bound to occur, yet choose a primary topic and then relate it to others as appropriate.
Suppose that the software market currently has only one firm operating - microhard. A new firm Newvell could enter the industry.
Explain briefly how the auction can be treated as a Bayesian game. What is a (pure) strategy of a bidder?- Define a pure strategy Bayesian Nash equilibrium of the above bidding game.
The introduction of ATMs, credit cards and e-wallets have reduced the demand for money at any given level of income
1. Describe the process of money multiplication. What is the role of the central bank and commercial banks in the process? What do you think happens to the money multiplier in a boom, and why?
If the reserve requirement is 20%, c=0.5 and e=0.001, what happens to the money supply as a result?
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