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Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $2,000 per year. Since your friend knows that the US GDP per capita is approximately $50,000, he suggests that Americans are materially 25 times better-off than the people of this African nation.
(a) Is your friend's statement accurate?
(b) What general categories of production are not captured by GDP in both the US and the African nation?
(c) Provide some examples of these types of activity.
(d) Why would the exclusion of this type of production affect the measurement of African output more than US output?
(e) Does this mean that residents of the African nation are actually as well-off materially as residents in the US?
The central bank decides to implement an expansionary policy action. What would you expect to happen to the nominal interest rate, the real interest rate and the money supply and credit growth? Under what economic circumstances would this type of pol..
As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions: What two policies could you use to reduce the total amount of emissions Why do you think they each w..
Identify and analyze the factors that have driven growth in real GDP - Identify any recent events or changes that have caused an increase in GDP but not a correlating increase in our nation's standard of living.
Suppose that this year's money supply is $500 billion, nominal GDP is 10 trillion and real GDP is $5 trillion.
List the determinants of supply and demand. Read the problem and ask yourself if each determinant has changed. Draw the formula (boxes) and fill in the blanks.
a.) Draw the Production Possibilities Curve. b.) Determine the opportunity costs for a move from A to B; B to C; and C to D.
Identify the five countries (and their currencies) with the lowest purchasing power parity according to this classification. Which currencies, if any, are overvalued?
What is the rollback equilibrium to this game?
Did the U.S. and its allies have a right to use military force to oust Gadhafi in Libya? What if another country felt that the U.S. was mistreating its citizens?
Determine which of the following is not one of the basic preconditions for economic growth?
Summarize the historical beginnings of the juvenile justice system. How have U.S. Supreme Court decisions been especially influential in the juvenile courts?
Suppose that you have a message consisting of 1024 bits. Design a method that will extend the key that is 64 bits long into a string (PAD) of 1024 bits to perform one-time pad encryption. Discuss the security of this approach
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