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Answer below Questions
Problem 1. (a.) Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate?
(b.) How many years would it take for GDP (gross domestic product) to double (using your answer from part (a)?
Problem 2. What are the sources of human capital? Discuss some specific examples.
Problem 3. What is the law of diminishing returns? Give an example of what the law of diminishing returns implies.
Problem 4. What happens when the government raises taxes and uses revenue to engage in spending?
What economic principles can be applied to the event or issue and Identify and briefly describe a specific principle that we have covered in one or more of the modules.
Submit solutions to the following two problems. Submit in an Excel workbook with each problem in a separate worksheet (tab). Show your calculations in Excel. That is, use Excel to make the calculations.
If you could live anywhere in the world, where would you choose and why? What is one location in the world you would never, ever live? Why not? Be sure to consider and discuss the economic factors affecting your decisions, especially the labor market
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
Calculate the monetary base MB, M1, and M2. Are there any excess reserves in Princeton Bank? Are there any excess reserves in the economy as a whole - Calculate the multipilers for M1 and M2.
If the errors in a regression model contain autoregressive conditional heteroskedasticit
gdp grew much at a much faster4.8 percent rate in the october-december quarter but analysts said that growth masked
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
the consumer price index was 190.7 in january of 2005 and it was 198.3 in january of 2006. therefore the rate of
suppose that france and austrailia both produce fish and wine.frances oppurtunity cost of proucing a bottle of wine is
What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain
A customer quit her job and now runs her own business. Her business an accounting profit of $33,700 and an opportunity cost of $36,700. There is an economic loss of -$3,000. Factoring ceteris paribus what economic advice would you give her
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