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1. What is the process used to separate the change in GDP due to an increased output of goods and services, from a change due to increased prices? Why do we make this distinction?
ii) GDP is considered a good measure of economic wellbeing. However, GDP is not a perfect measure of wellbeing. Why? Discuss three factors that are not included in GDP but that affect whether people are better off.
iii) Explain the meaning of the term productivity and explain two factors that can influence the level of productivity.
Assuming that the voting rule is majority rule, are the group preferences in societies without value restricted preferences transitive or intransitive?
At that time the interest rate is 5%. How much is the bond's approximate (within $50) competitive value at the time of sale?
When the minimum wage is set above the equilibrium market wage,
Does this seem counter-intuitive to you? Be sure to include an explanation of why China score is relatively low compared to the U.S.
How is marginal revenue product for labor found and is there a simpler and easier method to find it other than the formula raginal revenue product=change in total revenue/unit change in labor. What factors can cause changes in the demand for labor fo..
Suppose that the hourly output of chili at a barbecue (q measured in pounds) is characterized by: = 20SQRT(KL) , Where K is the number of large pots used each hour and L is the number of worker hours employed. Calculate the rate of technical substitu..
1. Indicate whether a statement below is true or false by writing either T or Fnext to each. If false, give an example where the statement does not hold. (i) A Nash equilibrium maximizes the sum of utilities of the players in every game.
q.pham can work as many or as few hours as she wants at the college bookstore for 9 per hour. but due to her hectic
An asset with a first cost of $250,000 is expected to have a maximum useful life of 10 years and a market value that decreases $25,000 each year. The annual operating cost is expected to be constant at $25,000 per year for 5 years and to increase at ..
Explain how the CPI is constructed and discuss any weaknesses with this measurement technique.
What if demand curve did not shift down & to the left, rather the average (total) cost shifted upward and to the right.
John Wilson, the owner of a fast-food restaurant, estimated that he can sell 1,000 additional hamburgers per day by renting more automated equipment at a cost of $100 per day. Alternatively, he estimated that he could sell an extra 1,200 hamburgers p..
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