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If a consumer buys flour because he loves baking, the flour is counted as part of GDP. If a bakery buys flour as an input to bake things in order to sell, the flour is not counted as part of GDP. Briefly explain this difference.
Also, Dean has a substantial amount of money saved up. Would Dean benefit from high inflation or low inflation? Explain your answer.
Discuss which economic theories or relationships you have studied up until now (not just in this class – in all your economics classes) that could be estimated using the multiple linear regression model. Explain your rationale. Use the Internet to fi..
A clever, rich, and wealthy local politician promises to give you $1,000 on the first day of four months before elections….From here on he will give you 9/10 of the amount he gave you the day before… What is the total amount you will receive? When wi..
The surplus created by a price floor will likely be? smaller if the good is a necessity. larger if the good is addictive. smaller if the good is a luxury. unaffected by the time that has elapsed since the price ceiling is implemented. None of these a..
To promote industrialization, import-substitution strategy has been adopted by developing economies to promote industrialization in the domestic economy. Provide 3 key advantages for adopting this strategy and 3 key disadvantages to the domestic econ..
You are shown four envelopes. Envelope A contains $1,500; envelopes B, C and D contain uncertain amounts of money but with the following probabilities: Envelope B -- $5,000 with a 10 percent probability, $1,500 with an 89 percent probability, and $50..
Suppose that in DanLand two goods can be produced: light bulbs and wires. It takes 3 hours to make a light bulb in DanLand and 4 hours to make a wire in DanLand. In YouLand two goods can be produced: light bulbs and wires. It takes 6 hours to make a ..
How might the firm size be impacted if there is alot of specific knowlesge? Successful entrepreneurs have managed to conert some business that were characterized by specific knowledge into ones that could be operated only with general knowledge. This..
Potential mobility of the tax base is an important issue in state-local taxation and international taxation. Explain how this may impact decision-making in regard to tax policy. Consider a market with demand and supply functions explained by: Qd = ..
Suppose that the monetary authority wants to keep the nominal interest rate, i, constant. Assume that the real interest rate, r, is fixed. However, the real demand for money, M^(d)/P shifts around a great deal. How should the monetary authority vary ..
Suppose the own price elasticity of demand for good X is −0.2, and the price of good X decreases by 10 percent. We would expect the quantity demanded of good X to:
Manufacturers in the US want China to increase the value of the yuan. They say China undervalues their currency making their products cheap, thus undercutting American business. Some believe that this is why Americans are losing jobs. Discuss whether..
In a small country each labor hour has a capital stock equal to 900 units. This year the country produced 20 units of new capital goods with the depreciation rate of 10% with the production function of why square root of K what is the growth rate
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