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Consider the following data on U.S. GDP: CHAPTER 15 MEASURING A NATION'S INCOME 327 Nominal GDP Year (in billions of dollars) 2009 14,256 1999 9,353 GDP Deflator (base year 2005) 109.8 86.8
a. What was the growth rate of nominal GDP between 1999 and 2009?
(Hint: The growth rate of a variable X over a N-year period is calculated as 100 × [(Xfinal/Xinitial) 1/N - 1].)b. What was the growth rate of the GDP deflator between 1999 and 2009?c. What was real GDP in 1999 measured in 2005 prices?d. What was real GDP in 2009 measured in 2005 prices?e. What was the growth rate of real GDP between 1999 and 2009?
f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
As a natural experiment to estimate the effect of education on receivings, a researcher compares schooling and educational attainment of two groups of people.
Consider an economy in which the marginal labor MPN is MPN= 309-2N, where N is the amount of labour used. The amount of labor supplied, NS, is given by NS=22+12w+2T, where w is the real wage and T is a lump-sump tax levied on individuals.
Everett Mann's Dream Store sells waterbeds and supplies. The best selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per year. There are 250 working days per year, and the le..
Suppose a monopolist faces the following demand curve, variable cost function, and Suppose a monopolist faces the following demand curve: fixed costs:QD =10-1/2p VC=8Q+Q^2 F=8 a. Find the monopolist's revenue, marginal revenue, and marginal cost func..
The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $92350, then what is his average tax rate, in percentage term..
Freeport McMoran purchased two model MTVS peristaltic pumps (to inject sulfuric acid and King Lee antiscalant) for use at its nanofiltration water conditioning plant. The cost of the pumps was $950 each. Assume 30 days per month and a 3-year pump l..
To fund its wars against Napoleon, the British government sold console bonds. There were referred to as "perpetuities" because they would pay 3 every year in perpetuity (forever). If a citizen could purchase a console for 25, what would its annual..
Assume that a hypothetical economy with an MPC of .7 is experiencing severe recession. By how much would government spending have to increase to shift the aggregate demand curve rightward by $30 billion
Derive the rm's marginal product of labor curve. Derive the rm's average product of labor curve. If the rm has an output quota of 5,120 widgets, how many laborers must it employ in the short-run to achieve this level of production?
A study by Hewitt Associates showed that 79% of companies offer employees flexible scheduling. Suppose a researcher believes that in accounting firms this figure is lower. The researcher randomly selects 415 accounting firms and determines that..
Assume that the depreciation rate is 10 percent per year. Make a table showing steady- state capital per worker, output per worker, and consumption per worker for saving rates of 0 percent, 10 percent, 20 percent, 30 percent and 40 percent.
After understanding the meaning of EOU and reviewing different examples in your textbook, the exercise below will allow you to practice how to define and calculate an EOU. Your Course Business Plan (to be developed by you as your Final project) wi..
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