How can one compare GDP across 2 different countries if some goods and services are produced only in one of the countries? For example, comparing Spain and France, how does one account for the fact that bullfights do not take place in France?

Q: 2. Two individuals have the same income ($100,000), but different potential healthcare expenses. Per...

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Q: There are three popular types of social welfare functions. Benthamite Social Welfare Function - W (u...

A: Social Welfare Functions: Benthamite Social Welfare Function: W(u1, u2,... uN) =∑i=1Nui Egalitarian...

Q: Problem 6 Consider the following diagram that shows the effects of a decrease in the price of beer o...

A: Since you have asked a multi-part question and according to the policy we can only solve the first 3...

Q: Propaganda Techniques: Search for each propaganda technigues; Bandwagon, Testimonials, Transfer, Emo...

A: Propaganda techniques are the basic techniques that helps in influence the common people of the comm...

Q: Based on the best available econometric estimates, the market elasticity of demand for your firm's p...

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Q: The economic reasons to marry include: O A) insurance, joint consumption, increasing returns to scal...

A: Economic activity is an activity that is performed with the aim to earn profit or returns whereas no...

Q: The lower-income industrial countries are catching up to the higher-income industrial countries in t...

A: According to the catch-up effect, there will be a convergence between lower-income industrial econom...

Q: If negative externalities exist in the production of a product, it causes causes_ of the product

A: Negative Externality : Negative Externality exists when the production or consumption of a good or s...

Q: The process of understanding the customer and choosing a group of customer you can serve best is cal...

A: b) Targeting Option "b" is correct. In marketing, segmenting the target population and then planning...

Q: Frasier is 33 years old and just received an inheritance from his parents' estate. He wants to inves...

A: Given: The age of Frasier is = 33 years The amount of monthly payment is = $5,000 Years = 15 The rat...

Q: -Calculate the cost of eliminating our wholesalers • Revenues are $230 million • We will have to pay...

A: Introduction Revenue = $230 million Cost of transportation = 5% of 230 = 5100 × 230  = $11.5 million...

Q: Let's say that you have put $1,000 in your savings account at a local financial institution, and an ...

A: 1.The employee is correct, of course.The reason for this is that the money you have deposited in you...

Q: Households make expenditure payments in exchange for Multiple Choice   resources purchased in the pr...

A: In the circular flow, firms are households are both buyers and sellers.

Q: • Assuming that there is no government spending or trade, an economy's GDP is the sum of domestic co...

A: a. Aggregate demand is the sum of consumption and investment, so it is true. b. c0 is autonomous con...

Q: Why would labor be treated as a variable cost? labor costs will decrease as the firm produces more q...

A: Fixed cost refers to the cost which remains same at all levels of output. It is independent of outpu...

Q: The Canadian Consumer Price Index was approximately 98.5 (base year 1992) at the beginning of 1991. ...

A: Given: The CPI at the beginning of 1991 is = 98.5 The annual inflation rate is = 3% To Find: The ind...

Q: The Gravity model predicts that two countries trade more the bigger they are and the closer they are...

A: Please find the answer below.

Q: Financial institutions such as banks are prohibited from investing their funds in the stock market o...

A: Financial institutions such as banks are prohibited from investing their funds in the stock market o...

Q: There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. Wh...

A: When the firms breakeven they tend to earn Zero economic profit which implies total revenue is equal...

Q: a.) Graph Teddy's demand curve, with quantity on the x-axis. Suppose there is another consumer in th...

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question spec...

Q: In perfect competition, a firm can maximize profit by producing at a quantity where price Is lower t...

A: In a perfectly competitive market, there are many buyers and sellers. The good produced is homogenou...

Q: In 5 years, P 180,000 is needed for a building renovation. In order to generate this amount, a sinki...

A: Answer: (d) P39,195

Q: An empirical fact is that a country with more openness to trade than another also has higher GDP.  ...

A: Gross domestic product (GDP): It is the total monetary or market value of all the finished goods and...

Q: Does the Marxist analysis of capitalist exploitation remain relevant under advanced capitalism today...

A: Marxism theory is based on Karl Marx's understanding, Marxist theory is also known as conflict theor...

Q: Consider a Keynesian economy with no taxes and no international trade. • The economy initially has a...

A: Here,given information is: Initial real GDP: $500 Change in consumption by Andy: $70 (spent on lunc...

Q: You are the manager of a monopoly that sells a product to two groups of consumers in different parts...

A: Optimal markup pricing rule that is consistent with MR = MC P = MCe1+e where e is the elasticity of ...

Q: In the following two-user game, the payoffs of users Alice and Bob are exactly negative of each othe...

A: In game theory, the Nash equilibrium is defined as an equilibrium outcome from which the players hav...

Q: A zero profit implies that this is a breakeven point, and the amount of demand equals the amount of ...

A: At the equilibrium point, the amount of demand equals the amount of supply.  i.e., At equilibrium, D...

Q: Q3. Study Appendix Determining Adverse Impact. Textbook typo: Step D Since 53.8% is less than four-f...

A: Answer: Groups Job Applications Number Hired Selection rate% hired White 50 12 24% Black 80 ...

Q: The income elasticity of Abigail’s demand for CDs is 0,75. For Abigail Cds are a normal good or an i...

A: There is a form of government which is known as democratic government.It has been seen that there is...

Q: 9. The MC curve cuts the AVC and ATC curves at A. O The falling part of each B. O Different points C...

A: Business can be of various types. For example in diesel business, there is diesel production and the...

Q: Big Sky Mining Company must install $1.5 million of new machinery in its Nevada mine. It can obtain ...

A: 1. Total cost of owning an asset is the actual cost of purchasing any asset. And this is inclusive o...

Q: A college education creates positive externalities. Use the accompanying graph which represents the ...

A: As Education creates positive externality, the Demand curve will shift to the right, giving rise to ...

Q: Fixed costs tend to remain the same in: O The short run. The long run. O Both the short run and long...

A: A firm incurs two types of cost of production, one is variable cost and other is fixed cost.

Q: Below are some employment data from the country Commagene. 2018 2019 2020 Number of Employed Number ...

A:   20180 2019 2020 NUMBER OF EMPLOYED 54 z 70 NUMBER OF UNEMPLOYED x 90 80 NUMBER OF OUT OF LAB...

Q: Price and cosh idolian per un %3B 10 6. ARAC MC ME Quy nio of un te an a age t sng ie e he al py abo...

A: Consumer surplus refers to the area above the price in below the demand curve. It is the difference ...

Q: What is the solution to the income disparity between affluent and poor?

A: Income disparity is such a condition which shows amount of total income that is unevenly distributed...

Q: Suppose countries A and B produce and consume (assuming convex preferences) apples and bananas using...

A: Given:Labor force=100  Unit cost for apples in country A=2 Unit cost for apples in country B =1 unit...

Q: L APL L TPL MPL 1 15 38 3 70 4 120 160 6. 186 7 200 8 210 9. 216 10 218 11 216

A: APL=TPLLWhen L=2,AP=382=19Now,When L=4MPL=TPLn-TPL(n-1)MP=120-70=50

Q: The supply curve for a monopoly is: O the portion of the marginal cost curve that lies above the ave...

A: Average variable cost is variable cost per unit of output. Supply curve shows a positive relationshi...

Q: choose a global event from the past 100 years such as pandemics, recessions and technological booms ...

A: our world economy is interrelated to each other country regarding trade as we call it international ...

Q: Branches of Economics History of Economic Thoughts

A: Branches of Economics Branches of economics are the micro and macro economics, it is the analysis of...

Q: 2. Two individuals have the same income ($100,000), but different potential heaithcare expenses. Per...

A:

Q: Which of the following is not an assumption of the IS/LM model? Short-run model ...

A: IS-LM is a model of Keynesian macroeconomic that shows how the market for monetary merchandise (IS) ...

Q: Consider any market that has an inverted demand curve given by P = 200-0.6Qd, where P is the market ...

A: The inverse demand curve is given by, P=200-0.6QdMC=80 If there is a monopolist in the market, he wi...

Q: Find the value of Y. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $1,000| $1,000 $5,00...

A: Fixed cost (FC): - it is the cost incurred on the fixed capital assets like land, building, machiner...

Q: Consider a market that is described by the demand equation P=100-Q and supply equation P=Q. If a $20...

A: Eqm is found by the intersection of dd(demand) and ss(supply). Here, the eqm price is 50 and eqm qua...

Q: Individuals can withdraw their pension funds at any time, even before they reach retirement age. * ...

A: Labor Force: The term labour force refers to those people who are above 16 years of age or fall in t...

Q: Explain the straightforward path on how a bill becomes a law in our state.

A: Bill A bill is basically a draft of a legislative proposal that, if approved by Parliament's both ho...