Using the budget data below, calculate the debt-to-GDP ratio as of December 31, 2020 (Round your answer to two decimal places) Year 2020 2021 Budget Surplus 200 150 Debt (as of January 1) 800 GOP 5000

Q: Suppose that widgets can be produced using two different production techniques, A and B. The…

A: There are two production techniques, A and B Input requirement for each level of output is given…

Q: Price of Good X (Px) Quantity of Good X (Qx) Own Price Elasticity Total Revenue 0 100 0.00 0 5 90…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: 6. A payment of $12,000 six years from now is equivalent, at 10% interest, to an annual payment for…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Take a look at the three factors that affect elasticity in section 6.3, on pages, 205-207. -…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: 7. The money creation process Suppose Southeast Mutual Bank, Walls Fergo Bank, and PJMorton Bank all…

A: The required reserve ratio refers to the percentage of deposits that a financial institution, such…

Q: Show how each of the following would affect the U.S. balance of payments. Include a description of…

A: The balance of payments (BOP) is a record of all transactions between a country's residents and the…

Q: If the inverse demand funcation on a monopoly product p=100-2Q, then the firms MR functions is?

A: In a monopoly market structure,  There exists a single seller.  The monopolist maximize profits by…

Q: Compare and Contrast the Classical and Keynesian assumptions about the flexibility of prices and…

A: Classical economics and Keynesian economics have different assumptions regarding the flexibility of…

Q: 3. What is the difference in the profit-maximizing decision of a perfect competitor versus a…

A: The process through which a company or corporation chooses the best output or production level that…

Q: WAGE LABOR Demand Workers in the western state employed at the union wage Which of the following…

A: Unemployed is the difference between number of workers supplied and number of workers demanded at…

Q: The blue curve on the following graph represents the demand curve facing a firm that can set its own…

A: The demand curve shows the relationship between the price and quantity demanded. According to the…

Q: Suppose that the ith person be denoted T₁, and the disposable income for the ith person be denoted…

A: The amount of money that people have left over after accounting for income tax is determined using…

Q: George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1,…

A: Gross income refers to the total income earned by an individual before any deductions or taxes are…

Q: MATCH 65. 66. 67. 68. 69. Claim on issuers future income or assets Connects savers with borrowers…

A: Monetary policy is the use of monetary tools by a central bank or other monetary authority to…

Q: Most conservative criticisms about the ill-effects of taxes are exaggerated or untrue. Taxes are in…

A: From the perspective of someone who believes that taxes are unjust, here are a few arguments that…

Q: QUESTION 1 A wise mechanical engineering graduate began saving money for early retirement by…

A: A fixed rate account is a type of savings account where the interest rate is fixed for a specified…

Q: Gasoline prices have been and will continue to be a major issue for the economy. From the start of…

A: Demand refers to the amount of a good or service that consumers are willing and able to purchase at…

Q: The total cost of producing 3 products is given by:   TC=2A+3B+4C+2ABC   1. Is the total cost…

A: The total cost (TC) function is a mathematical depiction of the total cost incurred by a firm to…

Q: Suppose that the market for frying pans is a competitive market. The following graph shows the daily…

A: Total Revenue (TR) is determined by increasing the given price function with the quantity as…

Q: Suppose that widgets can be produced using two different production techniques, A and B. The…

A: There are two production techniques, A and B Input requirement for each level of output is given…

Q: 2 WAGE (Dolla 20 15 10 5 20 40 60 80 100 120 140 LABOR (Number of workers) 100 100 200 What is one…

A: The reason why the labour supply curve is upward sloping is because the opportunity cost of leisure…

Q: Given the following scenario, decide if Aggregate Demand (AD) or Short Run Aggregate Supply (AS)…

A: The aggregate demand is the sum of consumption ,  Investment , government spending and net export.…

Q: The cost of producing � units of stuffed alligator toys is �(�)=0.004�2+10�+4000. Find the marginal…

A: Marginal cost refers to an additional cost that is incurred due to producing one more unit of…

Q: Now consider the same industry but assume that two firms with the same cost function c(qi) = 2 * qi…

A: Bertrand competition is a model of duopoly where two firms produce identical goods and compete on…

Q: Suppose we have 2 firms competing on quantity in a homogenous-goods market. The market inverse…

A: In Cournot Competition, there are 2 firms that play simultaneously on quantities. Given : Market…

Q: T/F There is a direct relationship between the price of a product and it's supply.

A: When all other circumstances are held constant, supply is the quantity of an item or service that…

Q: Suppose you are collecting data from a country like Japan where the government sets the price of…

A: The demand function reflects an individual’s willingness to pay for each unit of the quantity he or…

Q: Question 6 Which new research strategy is the pharmaceutical industry currently undertaking? A.…

A: A strategy is a plan or method used to accomplish a specific aim or goal. It is a long-term plan of…

Q: Investment cost (thousands) Annual revenue minus expense (thousands) IRR on total investment A $80…

A: Given MARR =19%. Salvage value after 10-year study period = Initial investment  IRR analysis: The…

Q: In the beginning of the year, the economy has public debt (or national debt) of $450 million. This…

A: Tax revenue is the revenue collected by the government.  Government spending is the amount spent by…

Q: Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the…

A: Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the…

Q: (e) Show that x¹=(..) and y¹ = (3. 4. ) together are a Nash equilibrium for this game.

A: In game theory, a Nash equilibrium is a set of strategies where each player's strategy is the best…

Q: In a market that produces hotdogs operates in the long-run, and that each firm and potential entrant…

A: Here in the question, the market is long run. The equilibrium condition for this market is the price…

Q: The cost of building an office complex, x floors high, in a prime location in Accra is made up of…

A: The total cost of producing any goods or service is the number of resources such as money, time,…

Q: GDP (Y) = $1,200, consumption (C) = 150, exports (X) = 50, investment (I) = 125. What is government…

A: The equilibrium is reached where the aggregate demand and supply are equal. The aggregate…

Q: Commercial banks have a target reserve ratio of 30 percent and there is a cash drain of 20 percent.…

A: The reserve ratio is the percentage of deposits that banks are required to hold in reserve, either…

Q: Andrew's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania.…

A: When we are on the elastic part of the demand curve, output effect is larger than the price effect.

Q: 1. Define market power and explain why firms in a perfectly competitive market have none.

A: A market is any place where two or more groups can meet to involved in an economic transaction—even…

Q: Jill took ​$40,000 that she had in savings and started her own business. If left in​ investments,…

A: Economic profit: Economic profit is a profit that considers the opportunity cost in order to…

Q: How do I find present worth?

A: Present worth, also known as present value, refers to the current value of a future sum of money,…

Q: Two firms bid for a contract to build a university building. Their construction costs are…

A: Nash equilibrium is a concept in game theory that refers to a state in which each player in a game…

Q: Suppose that the market for frying pans is a competitive market. The following graph shows the daily…

A: It has been given that the pan market is a perfectly competitive market. In such markets there are…

Q: A different industry has a Demand curve given by 1/1/201 Q = 100p Assume that a monopolist supplies…

A: Demand function : Q = 100/p1/2 P = 10000/Q2   (Inverse demand function ) Cost function : C = 2Q  A…

Q: he table below is the combined balance sheet for all the banks in a banking system. Each bank has a…

A: The reserve ratio, often referred to as the bank reserve ratio, the bank reserve requirement, or the…

Q: Consider the competitive market for ruthenlum. Assume that no matter how many firms operate in the…

A: Market demand means the quantity of goods that all the consumers in a market are willing and able to…

Q: Tax credits in Central America for U.S. firms. This will it is likely to the wage gap between…

A: A sum of money that taxpayers can directly deduct from the taxes they owe is referred to as a "tax…

Q: Show how each of the following would affect the U.S. balance of payments. Include a description of…

A: The U.S. balance of payments is a record of all economic transactions between the United States and…

Q: Assume the inverse demand function in a market is given by P(Q) = 500 - Q where is the total…

A: Market Demand function : P = 500 - Q  => P = 500 - (q1 + q2 )  Where , Q = Total Quantity for two…

Q: Complete the following table with the quantity of labor supplied and demanded if the wage is set at…

A: A binding minimum wage occurs above the equilibrium price.

Q: What is Fed's "FOMC"? What are the main functions of FOMC?

A: Monetary policy is the use of certain instruments or tools by Fed in order to influence the supply…