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3a) Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billion in 1996. If the GDP deflator rose from 125 to 130 during this time, what was the percent growth in real GDP? 3b) Given the data in part (a), what was the rate of inflation for goods and services produced in the U.S. economy? 5) Draw an Aggregate Supply/Aggregate Demand diagram that shows an economy operating at an output level higher than full employment RGDP. Label the axes and all lines on your diagram clearly. 6) Draw an Aggregate Demand -Aggregate Supply diagram that would represent an economy suffering from both a rise in its aggregate price level and a rise in its unemployment rate. (You will have to shift either the AS schedule, the AD schedule, or both schedules to illustrate this.) 7) Why do economists expect inflation to accelerate when u< NAIRU? 8) Agree or disagree with the following statement and explain your answer. "In 1950, RGDP per person in the U.S. was about $10,000. By 2000, RGDP per person in the U.S. was about $30,000. This implies that the living standard of the typical U.S. resident tripled in 50 years!"
The notebookalso comes loaded with one of four different games. How many different combinations of colors and games are possible? If you were to order three different notebooks withoutstating preference on color or games, what is the probability t..
Explain what macroeconomic topic the article addresses and summarise the article briefly to show your understanding and discuss what implications (if any) the chosen article has on Australia.
Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A
The value of a home depends on how attractive other homes and yards in the area are. How do local zoning ordinances try to promote land uses that generate external benefits for neighbors?
There are 168 hours in a week. Of these, about 60 hours will go to sleeping (more or less). That leaves 108 hours for which we have a choice in terms of how we will spend that time. Let’s assume that we will spend the 108 hours in either work or leis..
Select a nation from the Index and bring in additional source material to explain its ranking and how it has changed over the last 5-10 years.
Ross Perot added his memorable “insight” to the debate over the North American Free Trade Agreement (NAFTA) when he warned that passage of NAFTA would create a “giant sucking sound” as U. S. employers shipped jobs to Mexico.
Illustrate how can production functions, isoquant and isocost analysis, and other tools of microeconomics help decide the best path for the company to pursue.
(a) Set up the basic arbitrage equation that will ultimately pin down the value of the patent. On the left side show the return from investing pi dollars in a saving account. On the right, show the return from using these funds to purchase the pat..
The labor market is traditionally protected by union in many industries such as automobile and K-12 education (public schools) What are the pros and cons of unionizing a workforce What about minimum wage rate What are the pros and cons
Suppose that long term interest rates in the economy were increasing due to strong economic growth and demand for loans in the world economy. Meanwhile suppose that the Fed was holding down its federal funds rate target. What would probably be hap..
Mr. and Mrs. Jones purchase a new car while they are living in New York. A year later, they move to Oklahoma. Shortly after the move, the brakes fail on the car, causing an accident in which Mrs. Jones is injured. The Joneses file a lawsuit in Okl..
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