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Answer Parts A and B completely.
(Part A) Suppose nominal GDP in 2012 was $100 billion and in 2014 it was $150 billion. The general price index in 2012 was 100 and in 2014, it was 120. Between 2012 and 2014, the real GDP rose by what percent?
(Part B) Use the following scenario to answer the questions (Part B1) and (Part B2).
In a given year in the United States, the total number of residents is 100 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 5 million.
(Part B1) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?
(Part B2) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year?
Suppose France's real GDP grew from $750 billion in 2010 to $821 billion in 2011. - What was the growth rate of France's real GDP?
What would be the clearing price for BP in the foreign exchange market - what would happen if both the US and the British governments fixed the price of BP at $1.45? Excess supply of BP / Excess demand for BP
The depreciation rate is d = 0.05 and the labor force growth rate is n = 0.01. The saving function, in aggregate form, is St = 0.3Yt . Find the steady-state capital-labor ratio, the steady-state value of output per worker, and the steady-state val..
Calvins's Barber Shops, Corporation, has a monopoly on barbershop services provided in the south side of Chicago because of restrictive licensing needs, and not because of superior operating efficiency.
Illustrate what would shoppers see when they shopped in Wal-Mart and the other "big box" stores that sell so many imported items
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
What would you give an example of a microeconomic decision you've made at work or home? What factors contributed to making that decision.
The anticipated income from the project is $34,000 a year with $14,400 of that amount being variable cost. There is also a fixed cost for maintenance every 2 years (yr 2, yr 4, yr 6) of $10,000. If the company's RRR is 10%, should they purchase th..
Write a function named count_vowels to count the number of vowels (a, e, i, o,u) in each line of the poem. Print the line with the largest number of vowels and this number. If there is a tie then print all the tied lines.
Why did is the relationship between income growth and happiness different in the two sets of countries? It could be because the Latin American countries are on average poorer than the more advanced economies, or because they are much more unequal.
A. Show diagrammatically and algebraically cases of unitary elasticity, as discussed in class. Connect these with pertinent examples involving products and services.
If price of motor vehicles rises, what will happen to the demand of fuel oil? In which direction the demand curve for fuel oil will shift with a rise in price of motor vehicles?
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