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Go the Web site containing the Penn World Table and collect data on real GDP per capita (chained series) for 19770 for all available countries. Do the same for a recent year of data, say one year before the most recent year available in the Penn World Table.
After obtaining the data, answer the following questions:
Rank the countries according to GDP per person in 1970. List the countries with the 10 highest levels of GDP per person in 1970. Are there any surprises? Explain your answer.
Rank the countries according to GDP per person in the most recent year for which you collected data. List the countries with the 10 highest levels of GDP per person. Has the composition of the 10 richest countries changed since 1970? Explain your answer.
For each of the 10 countries you collected data for, divide the recent level of GDP per capital by the level in 1970. Which of these countries has had the greatest proportional increase in GDP per capital since 1970?
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Explain why government regulation is needed, citing the major reasons for government involvement in a market economy and justify the rationale for the intervention of government in the market process in the U.S.
What is the total dollar value of the change in welfare in the United States caused by the tariff? State whether the U.S. gets a welfare gain or suffers a welfare loss from the tariff.
First ignore the implicit constraints: 8 i; xi 0 and give the FOCs. Then take them into account and give the Kuhn-Tucker Conditions. Simplify your expressions as far as you can.
The Taxpayer Relief Act developed Roth IRA which permits you to make after tax retirement contributions of up to $2000 yearly and contributions are not tax deductible
What key economic concepts underlie the employ of discount coupons by businesses?
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Discuss how is the liquidity money (LM) curve derived and determine what impacts it and how does it impact the global economy? Provide examples and support your claims.
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