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Mario works part-time at a Pizza Hit and earns an annual wage plus tips of $15,000. He sold 4,000 pizzas during the year at $15.00 each. He was unemployed part of the year, so he received unemployment compensation of $3,000. During the past year, Mario bought a used car for $5,000. Using the expenditure approach, how much has Mario contributed to GDP? Keyboard Shortcuts
If the government were to increase taxes on gasoline, what will happen to the total government revenue? Why? -What are you assuming about the elasticity of the demand curve of gasoline? What is the formula for elasticity? -List and give an example of..
Your first paragraph should discuss what the part of the model of the market gave you the biggest fits (but it cannot be "everything"). In this paragraph, include specifics about what it is that you don't understand as well as you would like. 2. In t..
What can it be sold for now if a buyer's desired return is 4 percent per 6 months?
A paper mill has leaked a toxic substance (chlorine) into the ground. Fixing the leak was very expensive so the paper mill chose not to fix the leak. Once local residents and local government discovered that the toxic was contaminating local water su..
What are problems that monopolies can cause, and why is it difficult for the government to control and regulate monopolistic enterprises?
Take a minute to think about the demand for college education and whether or not the costs of attending college (not just tuition, but also some of the opportunity costs associated with attendance) influences the number of students who attend college..
When the_____ supply curve shifts outward or inward with an unchanged _____ curve, equilibrium price and quantity increase or? decrease, respectively. When the___ curve shifts outward or inward given an unchanged____ curve, equilibrium price moves in..
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome. A social welfare function summarizes society’s pref..
The 2007-08 Financial Crisis was called the "Great Recession". It started here in the United States, but it had an enormous contagion effect throughout the rest of the world. Provide examples of how other countries were affected and how they managed ..
trace the evolution of work on the laissez-faire doctrine through two arcs. first those theorists who are trying to
Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them?
Elucidate how would an increase in airfares affect the number of highway fatalities in any one year
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