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Question: Let's see how GDP per person can be affected by changes in the fraction of citizens who work. This fraction is better known as the employment-population ratio. To keep things simple, let's assume that every employed worker produces $50,000 worth of output. If the employment-population ratio is 50%, what is GDP per person? If the employment-population ratio rises to 55%, what is GDP per person?
1. are the following statements true or false? explain in each case.a. two countries can achieve gains from trade even
Mineral resources are an important source of revenue for developing nations. Royalties are one method of receiving payment for allowing investment, but often foreign companies send profits out of the country.
Compute the economic profit of the firm if Sales-10000,material cost-3000,labour cost-2000, Administration cost-1000.
Explain how scarcity and poverty are different. Give examples to support your reasoning. The economic way of thinking requires administrators to incorporate eight principles.
Two economists took a close look at a broad survey of more than 50,000 persons each year from 1987 to 1999. They found that drinkers do reduce their consumption substantially in economic downturns.
What are the potential consequences of a country having a large overall debt? If you were in the position to implement a solution for the country's long-term debt, what would it be and why?
Consider city of Silver Spring, where zoning laws limit the number of video arcades to one. The city only video arcade has a price of $.50 a game with an average cost of $0.34 a game.
Graph a market with a tax where firms pay the majority of the tax. 3. Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition. Compare the results. Gra..
Analyze the modern notion of microfoundations with Marx's 'real foundation' for the analysis of economic activity.
A model of an economy showing the interactions between households and businesses as they exchange goods, services and resources in markets is known as?
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
If the cross-price elasticity of demand between two goods is negative, then the two goods are:
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