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Can you please help explain why is it illogical to dismiss the possibility of a home's current value dropping below its original purchase price phenomenon that occurred during the Great Recession of the late 2000s was homes that were "underwater," where people took out mortgage loans to buy a house at a particular price before the recession, but later the home's value dropped below the amount still owed. People might argue that a home's value should never go "under water," that the value of a home should never dip below its original purchase price as long as the home has not deteriorated sufficiently.
Indicate whether each of the following statements is possibly true or certainly false. The cost minimizing bundle for y = 50 is l=10 and k=40 if labor and capital cost the same, and is l=12 and k=37 when labor costs $20 and capital costs $15. Calcul..
Assume that country A can produce a unit of good X with 1 labor hour and a unit of good Y with 3 labor hours. Country B can produce a unit of good X with 2 labor hours and a unit of good Y with 8 labor hours. Labor is the only resource used. What wou..
An Orthopedic doctor is considering leaving his hospital job and opening his own practice. Assuming that at the hospital the orthopedic doctor makes $50,000 a year. Based only on economic decision making, do you predict the orthopedic doctor will lea..
Provide an example of a positive production externality, either one you have read about or found through research, or one that is hypothetical. The example should clearly state what benefit arises out of the production, and how this benefit without t..
Explain briefly whether each of the following would be more likely to lead to a higher level of trade for an economy, or a greater imbalance of trade for an economy:
1. In the United States of Albion, expected inflation is 5% and the real interest rate is 2%.
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 14%. In response to this change in income, suppose the demand for steak in Cape Charles decreased by 4%. What is the income elasticity of demand for steak?
Explain the relationship between wages/prices and unemployment using the basic Phillips Curve (PC) relationship. Explain Friedman and Phelps modification to the basic PC, their view of stagflation, and the concept of NAIRU.
Why are only final goods counted in measuring GDP for a particular year? Why is the value of used furniture that's bought and sold not counted?
Should she buy one X100 or one X120 server? Base your decision on the expected profit over the following two years. Also assume for simplicity that the servers have a useful life of 2 years and no salvage value. Finally disregard time value of mon..
Why is the multiplier effect of an increase in transfer payments less than the multiplier effect of an increase in government spending by an equal amount?
Compute the yield to maturity to the nearest percentage point.
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