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If U.S. spent on $100 on consumption, $500 on investment, $200 on importing goods or services from foreign countries and $600 on government spending in 2015. Then how much U.S. should have spent on exporting domestic goods or services to foreign countries in that year, so that GDP is $1500?
Suppose that a tax of $28 is levied on each item sold by a monopolist, and as a result, it decides to raise its price by exactly $28. Why might this decision be against its own best interest?
Given the above information that the US CPI = 235, UK CPI = 215, and the current nominal exchange rate = .85 pound per dollar, what does the Theory of Purchasing Power Parity predict the nominal exchange rate to adjust to? Enter your answer in pound(..
What are the major causes of currency crises, and how can countries prevent these types of crises? What should be done if a crisis occurs? Use the interest rate parity model of exchange rate determination to explain what policies should be followed d..
If demand falls, what should happen to a monopolist's price, output, and economic profit? (Ensure question is answered completely). What is outsourcing? Describe (3) advantages and (1) disadvantage a firm has when they use this strategy.
The Earned Income Tax Credit (EITC) provides a cash sub sidy for every $1 earned by individuals with one child who have incomes below $39,296 per year. How might the EITC raise an individual’s overall work effort? How might the EITC lower an individu..
Why profits encourage entry into purely competitive industries and explain how losses encourage exit from purely competitive industries.
An article published in an economics journal examines “life cycle consumption decisions,” that is, an individual’s borrowing, spending, saving and investment from childhood through retirement. The authors describe their study as an “experiment . . . ..
Assume the government now imposes a (binding) maximum legal price for physician office visits (i.e. a price ceiling on the physician office visits). Under what condition would such a policy make a difference in the market (i.e. cause a market distort..
Assume that you want to change careers to run a gourmet food truck - the career of your dreams. You use Chapter 7 from Everything Economics as a guide to help you to decide whether to quit your current job, in which you make $45,000 per year. Answer ..
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Define national income as total income of all capitalists in a country plus total income of all workers (including immigrant workers) in the same country. Per capita income is defined as national income as defined above divided by all people in the c..
Medical Supplies B Us (MSBU), Inc. is trying to weigh the pros and cons with respect to planned investment. The following scenarios may increase or decrease planned investment. Help MSBU, Inc. to examine each scenario to see if it immediately impacts..
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