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Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per orange.
a.) What was this nation's nominal GDP for the year 2010?
b.) What was this nation's nominal GDP for the year 2011?
c.) Using 2010 as the base year, what was this nation's real GDP for the year 2011 (i.e. what was GDP for 2011 when expressed in 2010's prices)?
d.) Calculate the GDP deflator for this nation in the year 2011.
The company's engineer estimated that the production of the new product has a 88% learning curve applied to labor required, and the time to complete the first unit was 54 labor hours. Assume the time required to complete the 10th unit and the comp..
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
Using the following national income accounting data, compute (a) GDP, (b) NDP, (c) NI. All figures are in billions. Compensation of employees U.S. exports of goods and services Consumption of fixed capital (depreciation) Government purchases Taxes on..
use the formula present value = (future value)/(1 + r)n, where n is the number of years, and r is the annual interest rate. 3. From the perspective of year 1 /1/2010, the future value on 1/1/2012 is $5,500. If the interest rate in year 2012 is r
The Australian government administers two programs that affect the market for cigarettes.
Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to employ each worker is 1.5 loaves of bread per hour.
what amount will be required to purchase, on an engineer's 40th birthday, annuity to provide him with 30 equal semiannual payments 0f $1000 each, the first to be received on his 50th birthday, if the nominal interest is 4% compounded semiannually
A truck manufacturer monitors the width of the door seam as vehicles come off its assembly line. the seam width is the distance between the edge of the door and the truck body, in inches. these data are 62 days of measurements of a passenger door ..
Assume that before receiving the discount loan, FNB has no excess reserves. What is the maximum amount of this $10 million that FNB can lend out c. What is the maximum total increase in the money supply that can result from the Fed's discount loan
What is the multiplier associated with each policy program (i.e. the multiplier AFTER the program is implemented - just the number please) Which policy program promotes economic stability. MPC = 0.8 - 0.01Y (marginal propensity to consume).
a graduated payment plan with the first payment set at 1500 at year 1 and a gradient of $600 afterward, plus a remaining lump sum at end of year 5. determine the lump sum amount so that the pay back is completed in full, considering the interest r..
Suppose a special tax was introduced that used the value of one's automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be proportional, progressive, or regressive
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