Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's broadest price index? O280 120 O180 O None of the above.
Q: A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent…
A: Monopoly market exists where only single form is available in the market. The monopoly firm is price…
Q: QUESTION 8: The initial endowment point is not Pareto efficient. What is a Pareto efficient point?
A: Pareto efficient outcome means when one consumer can not better off without worsening off the other…
Q: What are the actors that facilitate economic globalization. Discuss each of them.
A: Economic globalization is defined as the movement of capital, goods, service, information, and…
Q: 1. Suppose the following game is repeated infinitely. The players have a common discount factor dE…
A:
Q: 18 Is is true that the more responsive the quantity demanded to its price is, the more market…
A: Market power is defined as the ability of a firm to exercise control in the market by influencing…
Q: A monopolist faces inverse market demand of P = 140 - and has Total Cost given by TC(Q) = 20? + 10Q…
A: Profit maximization is a manner commercial enterprise corporations go through to make certain the…
Q: What is the size of the labor force in the United States in percentage terms of the population?
A: Labor force refers to a people which are either employed or unemployed in the country.The labor…
Q: The incidence of a tax is determined by which side of the market is less sensitive to a change in…
A: Incidence of tax is defined as , who will actually borne the burden of Tax.
Q: A firm estimates that it will sell N units of a product after spending x dollars on advertising,…
A: We differentiate the N(x) function snd get the maximum value of x.
Q: Figure 26.2 (Figure 26.2) At the profit-maximizing output and price, a monopolistically competitive…
A: The structure of the market that involves firms competing against one another and selling products…
Q: How would a doubling of velocity affect Real and Nominal GDP, assuming the money supply doesn’t…
A: Classical quantity theory represents that if velocity and quantity of goods remain same then price…
Q: The table shows employment statistics for a fictional country. Use the information to answer the…
A: New labour force:- = 5905 + 246 = 6151 New labour force participation rate:- = Labour force /…
Q: Explain the effects of an increase in G using IS-LM and AS-AD curves. Explain the crowding out…
A: When there is an increment in government expenditure then IS curve shifts in the rightward…
Q: l makes a deposit into her savings account at the local bank with $100 in cash. As a result of…
A: M1 = cash or coins held by public + demand or checkable deposits + traveller checks M2 = M1 +…
Q: Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the…
A: Since price is constant, the market is competitive. Marginal product refers to change in total…
Q: QUESTION 12 What condition(s) are necessary for disequilibrium unemployment to exist? O a. Wages to…
A: 12. In the market, disequilibrium refers to the situation when there is a mismatch between market…
Q: The table below shows the quantity demanded and supplied at various wage rates for a competitive…
A: Equilibrium in the labor market occurs where quantity demanded equals quantity supplied of workers.
Q: 1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by…
A: Karl Marx, like other classical economists, had a belief that in the labor theory of value can…
Q: Summarize this While the major economies slid into recession and industries suffered great losses to…
A: E-commerce sales have exploded in recent years.As a result, demand for packing materials such as…
Q: Question 36 Presently, union membership represents of the labor force. O less than 14% O between 45%…
A: Union membership refers to the participation of the workers in the labor union, who have some power…
Q: If the demand function for a commodity is given by the equation p2 + 4q = 1200 and the supply…
A: Equilibrium quantity is that quantity at which quantity supplied and quantity demanded are equal.…
Q: In the market for a pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to…
A: Consumer surplus refers to the difference between willingness to pay and the actual price of the…
Q: Competitor enters market Competitor does not enter market 0.5 0.5 Sell business 41 4 Do nothing -8…
A: Given pay off matrix
Q: The owners of a small manufacturing concern have hired a vice president to run the company with…
A: Dear Student, as you have posted multiple sub-parts in a question but according to the policies and…
Q: Suppose that a friend of yours recently opened her own business. She is happy because it generated…
A: An organization or entrepreneurial entity engaging in commercial, industrial, or professional…
Q: Question 36 Presently, union membership represents of the labor force. O less than 14% O between 45%…
A: Since 1983, when 20% of American employees were union members, the percentage of workers who belong…
Q: Marginal Product Output Total Cost ATC MC $200.00 20 $300.00 50 $400.00 90 $500.00 120 $600.00 140…
A: Here, ATC = Average total cost MC = marginal cost MP = marginal product TC = Total cost Q =…
Q: Nongovernmental organizations (NGOS) are not uniform in their position on international trade.…
A: NGOs significantly facilitate the flow of information in global governance. They provide information…
Q: Assume that Annovo Financial and Bennovo Financial were banks with the same financial condition,…
A: Financial institutions, sometimes known as banks, are companies that operate as middlemen in a…
Q: Suppose the foio ng game is iepeomed infanery The proyers move o common discaunt factor 8E (0,1).…
A:
Q: Price (per latte) $4.50 S 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 200 600 1,000 1,400 1,800…
A: Imposition of tax on a good by government generates tax revenue that goes to government.
Q: Maintenance costs of a machine start at $100 and go up by $100 each year for 4 years. What is the…
A: * SOLUTION :-
Q: Two separate firms produce the complimentary goods of left shoes and right shoes. Assume the demand…
A: In economics, the marginal cost is the alternate withinside the overall cost that arises whilst the…
Q: the marginal product per dollar spent on capital
A:
Q: Compare placing a tax on gasoline to a mandated increase in the average fuel efficiency of each car…
A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…
Q: State the implications of the weak axiom of revealed preference (WARP) for consumer choice. The…
A: Given information Weak axiom of reveled preference theory state that when consumer give preference…
Q: Economics
A: Positive demand shock means the demand curve shifts rightward such that the demand increases then…
Q: why might a government subsidy to corn producer give rise to a deadweight loss? explain the…
A: The economic concession that is being granted to private firms by the government for the promotion…
Q: 2. Consider a consumer with utility function u(x1, 22. 23) for three goods, where the cross- price…
A: In economics, the utility function measures the welfare or pleasure of a patron as a feature of the…
Q: lon. On the day that both franchises opened for business, each owner was observed changing the price…
A: Q=120-5P Or, P=1/5(120-Q) Marginal cost =$3
Q: Assume a company is producing 600 units of output per day and minimizing total cost with the…
A: Short-run marginal cost is the adjustment of complete cost when an extra result is delivered in the…
Q: In a flexible exchange rate system with perfect capital mobility, if restrictive fiscal policy is…
A: The measure of the rate that depicts the value of one currency being measured in terms of another…
Q: State whether each of the statements is TRUE or FALSE, and with one or more sentences and (if…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: True or False: Heteroskedasticity biases our estimates
A: Heteroskedasticity occurs when the standard deviation of an explanatory variable is nonconstant. It…
Q: In the market for loanable funds, which of the following would increase both equilibrium interest…
A: loanable funds theory determines the rate of interest with the help of demand and supply for…
Q: Set MR MC to find equilibrium quantity Qypy and price PHPY as functions of a, b, c, & d. Qupy = %3D…
A: In perfect competition, the eqm Q(quantity) is found by the intersection of MC(marginal cost) and…
Q: Quantity (units per year) Variable Cost 9,000 17,000 24,000 38,000 55,000 78,000 Market prices,…
A: Given information
Q: Suppose the inverse demand curve on ore is P = 95 - 0.19 Q. Ore can obtained through a recycling…
A: * SOLUTION :-
Q: A borrower cannot become a saver if the rate of interest decreases, but might become a saver if the…
A: To understand the above stated problem firstly we state the intertemporal budget constraint faced by…
Q: Trillions $20.0 GDP Consumption Government Spending Exports Imports Budget Balance 14.0 3.0 2.2 2.7…
A: According to change in the saving and investment, the capital flow also keeps on changing.
Step by step
Solved in 2 steps
- Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O 8250 O8750 2009 Statistics Quantity 100 85 60 11,000 O 10422.5 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity 110 135 75 11,000 Price $70.00 3.50 30.00 0.75 If the base year is the yearIf in some year nominal GDP was $40 billion and the GDP deflator was 70, what was real GDP? O $30.0 billion O $110.0 billion O $57.1 billion O $175,0 billionNominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table, which of the following is true concerning changes between 1992 and 2002? O None of the above statements is true. O Nominal GDP increased, but real GDP decreased. O Nominal GDP increased, but real GDP was unchanged. O Nominal and real GDP both increased.
- Which of the following statements about nominal and real GDP is correct? O A change in real GDP reflects both a change in output as well as prices thus it is a better measurement than nominal GDP. O A change in nominal GDP could reflect either changes in output or changes in prices thus it is a better measurement than real GDP. O Nominal GDAvalues production at base year prices, whereas real GDP values production at current year prices. O Nominal GDP values production at current year prices, whereas real GDP values production at base year prices.Real per capita GDP across the world has stayed constant since the year 1800. O true O false Which of the following would you need if you were computing U.S. real GDP in 2020? Prices from and quantities from _____. O 2012, 2020 O 2012, 2012 2020, 2020 O 2020, 2012 If nominal wages rose by 5% and the CPI grew by 3%, then how much did real wages grow by? OO O +2% O -5% O -2% O +5%In some year, nominal GDP is $5.36 trillion and real GDP is $4.78 trillion. What is the value of the GDP deflator for that year? Select one: O a. 112.1 O b. 2 O c. 0.892 O d. $0.58 trillion Check
- 1. dix Suppose the country produces only two goods: beef and wheat. The table below summarizes the quantities of each good produced and the corresponding prices in every year since 2005: Beef Wheat Nomin al PQP Q GDP 2005 $4 12 $1. 22 0 6 0 11 $1. 23 4 0 15 $1. 24 5 9 5 2007 2006 $4. 5 $4. 6 LO 5 LO Real GDP (in 2006 price s) GDP Deflat or Inflation Rate (using GDP Deflator) CP I Inflation Rate (using CPI)Question 7 Which of the following would be counted in this year's GDP? O a O b O C Od Question & What is the difference between real GDP and nominal GDP? O a O b Column A 1. 2. C d Question 9 Match each phase of the business cycle to its correct definition. 3. The bonus check a worker receives this year the value of a loan taken out this year The value of a savings bond sold by the federal government to investors this year The value of a television produced last year but sold this year 4 Real GDP allows for depreciation; nominal GDP allows for no depreciation. Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. Real GDP is based on constant prices; nominal GDP is based on the current year's prices. Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars. period of economic decline marked by falling real GDP a period of economic growth as measured by a rise in real GDP the height of an economic expansion, when real GDP…Which of the following statements is true about GDP as a measure of a country's economic healt? Select one: O a. It does not include the services produced in a country O b. It includes profits from companies' overseas operations O c. It does not include profits earned by foreign companies within the country being measured O d. It essentially takes into account the concept of GDP in relation to population O e. It measures only those goods and services made within a country
- Suppose that nominal GDP per person is €18,000 in 2013, the 2005 GDP deflator is 100, and the 2013 GDP deflator is 110. The approximate real per person GDP in 2013 is O €16,364. O €19,800. O €18,000. O €16,634.Economics Use the table to answer the question 2015 Quantity Price Hotdogs 152 2 T-shirts 92 26 Toy cars 36 11 2016 Quantity Price Hotdogs 163 3 T-shirts 95 30 Toy cars 41 15 Refer to the table above. The table gives the quantities produced and prices in 2015 and 2016. What is chained-dollar real GDP of 2015 in 2016 dollars? O A. 3760.62 O B. 3820.32 O C. 3251 OD. 3342.17 O E. None of the above undefinedEconomics Use the table to answer the question 2015 Quantity Price Hotdogs 152 T-shirts 92 26 Toy cars 36 11 2016 Quantity Price Hotdogs 163 3 T-shirts 95 30 Toy cars 41 15 Refer to the table above. The table gives the quantities produced and prices in 2015 and 2016. What is chained-dollar real GDP of 2016 in 2015 dollars? O A. 3760.62 О В. 3251 O C. 3820.32 O D. 3342.17 O E. None of the above
