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Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers? What are the implications in our economy of more output being produced by fewer workers?
All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly domin..
Which of the following statements concerning the marginal-physical-product curve above is true? It can be determined from the marginal-physical-product curve shown above that A)marginal physical product reaches a minimum with the first worker.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
compute the unregulated market level of output and price as well as the socially efficient level. By how much does the market output exceed the socially efficient output, and by how much is the market price below the socially efficient price
What is one significant consequence of fractional reserve banking Banks are vulnerable to "panics" or "bank runs." Banks can only lend an amount equal to its deposits. Banks hold a portion of their deposits in gold. Banks can serve the withdrawals..
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents. distinguishing between the short run and the long run.
One finding of the study is that theaters attract traffic, which adversely affects the community. The city planner estimates that the cost to the community from the extra traffic is $5 per ticket. What kind of an externality is this
Assume that an engineer is deciding either not to move to northern Virginia or remain at his current job in Milwaukee.
Illustrate the maxmium so and so would pay for insurance.
Illustrtyae what policies we should follow in resource allocation for health.
Illustrate what is the relationship among the variable selected and the economy. What trends do you see in the data sets.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
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