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Q1. Assume that a doctor who lives alone hires the services of a maid also pays her $15,000 a year to clean his house. Assume that he marries her the subsequent year. Other things equal, which of the following would be true concerning the reported official GDP the following year?
Q2. The current price, paid by businesses, for your widget is 3.00. The current quantity you sell to various businesses is 150,000 per month. You decide to cut the price of your widget from 3.00 to 2.70. You expect (based on internal forecasts) that the quantity you will be willing and able to provide to your customers will decrease from 150,000 to 138,750 per month. What is the effect on total revenue?
Place the words "FOMC meeting 2009" in the search section of the site. Elucidate the consequences of such a decision on the economy.
Explain how does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.
Ilustrate what is the equilibrium cost in the corn chip market. How many corn chips will be bought by children and how many by adults.
Explicate why one of them brings positive effects to the economy also the other negative effects.
Which is most likely occur under a system of clearly defined and enforced private property rights.
Compute GDP for Joe using both the product and income approaches and show how they must agree.
Not long ago an employee came into my office asking for a wage increase. I responded by asking what increase in productivity the employee brought to the University in order to merit such an increase.
How long will it take, in months, to pay off the balance, if the cardholder continues to make payments of $110.25 per month and adds no other charges to the card?
Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken.
Explain how might spending of Asians on American goods be affected. What about Americans who have invested in these countries.
What would you expect to be the effect on interest rates if the Fed held the money supply constant.
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar?
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