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1. In spite of the limitations (shortcomings), why is the GDP used as a measure of national income as well as a measure of national economic well-being?
2. Is the GDP measure underestimating or overestimating national production and total income in the economy during various business cycles? Why?
3. What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?
4. What are the impacts of the shortcomings of the GDP as a measure of the national product and national economic welfare (well-being)?
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
You have recently seen a credit card advertisement stating that the annual percentage rate is 12 percent. If the credit card requires monthly payments, what is the effective annual rate of interest on the loan?
Production possibilities tables for China and the United States. Assume that before specialization and trade the optimal producer mix for China is alternative B and for the United States is Alternative U.
When price is greater than average variable cost but less than average total cost at the profit-maximizing level of output, a firm should continue to produce the level of output at which marginal revenue equals marginal cost.
Soft Selling occurs when a buyer is skeptical of the quality or usefulness of a product or service. For example suppose you're trying to sell a company a new accounting system that will reduce costs by 10%. Instead of asking for a price you offer ..
Why does representative democracy often tax some people in order to provide benefits to others When governments become heavily involved in tax-transfer activities, how will this involvement affect economics efficiency
Thinking more broadly, if as an economic consultant you observe a price rise in a market in the long run that is smaller than the per-unit tax levied, what can you imply about the structure of that market? Explain briefly.
Why do you think this strategy became less viable in the 1990s What strategy does P&G appear to be moving toward What are the benefits of this strategy What are the potential risks associated with it
The total operating revenues of a public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1 dollar and the price elasticity of demand for public transportation has been estimated t..
market value of the final goods and services produced in the domestic economy 115000 of which goods worth 10000 are
Compute the equilibrium interest rate. Compute the amount of investment demand, private saving, and national saving at the equilibrium interest rate.
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