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Q1. Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has a real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises 7% in the follower country. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country?
Q2. China has enforced the one child policy since 1979 to curb its population explosion. Suppose that china population L was growing at the constant rate no before the one child policy; after the introduction population growth drops to the constant rate n1 analyze the effect of this policy using continuous-time Solow model without technical progress.
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
Consider a small economy in which consumers buy only two goods pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years.
A county is considering using a piece of park land for one of two alternative recreation projects.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are $100.
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
Caught up in broad social and economic disaster that swept the Mediterranean basin during the twelfth century BCE, what seems to have happened to the civilization of people.
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Determine the quantity demanded, the quantity supplied, and the magnitude
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
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