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Suppose the real wage remains unchanged between year 1 and year 2 but the nominal wage increases from $20 to $24.Based on this information, we can conclude that the price level has:
A) increased by 20 percent
B) increased by 25 percent
C) remained unchanged
D) decreased by 10 percent
E) decreased by 20 percent
A forest stand yields a recurring timber harvest income of $15,000 that occurs every 45 years. Using a 7% interest rate, find the present value of the perpetual harvest income stream assuming that the first income occurs 45 years from now.
You are an assistant in a storefront legal office, a summer employee planning to enter law school in the fall. You are assigned to do the initial interview of a new walk-in client. One way that your office stays in business is on its share of just su..
Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences:
Substitution and income effects of a change in price of a good may be used to explain the:
Student Emergency Financial Services, Inc., which makes small loans to college students, offers to lend $550. The borrower is required to pay $42 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate..
What is an equilibrium price and quantity? Imagine that as a result of a government tax cut, aggregate demand becomes higher by 50 at every price level. Identify the new equilibrium. How will the new equilibrium alter output? How will it alter the pr..
Assume that we draw two random samples of students from Coles college of Business. One group includes 10 economics majors and another includes 30 finance majors. From these two groups we obtain the following statistics regarding the performance on th..
American rice producers have extremely high production costs, due to some structural problems. Therefore, if not supported by the government, they will not be able to compete with foreign producers. Analyze two supportive policies intended to maintai..
Explain the role of the Federal Reserve, who monitors it and is it effective in its job? Evaluate one of the strategies of the Federal Reserve.
Consider an economy with a shrinking stock of fiat money. Let Nt=N. a constant, and Mt=zMt-1 for every period t, where z is positive and less than 1. The government taxes each old person t goods in each period, payable in fiat money. it destroys the ..
The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function: What is Allen’s reservation wage? What is Bernard’s reservation wage? What is the market labor supply curve? Draw the market labor supply ..
After a pair of wars in the late seventeenth and early eighteenth centuries, French-British relations decayed to the point that England began putting high tariffs on French wines. A large part of the support for this law came from British brewers and..
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