Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 25, Problem 21CTQ
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1. Explain with your own words the definition of Gross Domestic Product.
2. How does the growth rate of real GDP contribute to an improved standard of living?
3. Use the following data to answer the question. The table lists some macroeconomic data for the United States in 2008.
Item Billions of dollars
Wages paid to labor 8,000
Consumption expenditure 10,000
Net operating surplus 3,200
Investment 2,000
Government expenditure 2,800
Net exports –700
Depreciation 1,800
3a) Calculate U.S. GDP in 2008.
4. What is the key idea of classical growth theory.
5. Describe the 3 main theories of economic growth.
6. Explain the policies for achieving faster growth.
7. China's trend growth rate of real GDP per person was 2.2 percent a year before 1980 and 8.7 percent a year after 1980. In the year to August 2009, China's output increased by 11.3 percent. (Source : World Economic Otulook and FT.com, septembre 14,2009). Answer the following questions according to this information:…
. Quality certificate. A market contains producers, each of whom can produce one unit of a good. The quality of the good produced by half of theproducers (type L) is low, and the quality of the good produced by theremaining half (type H) is high. Each producer knows the quality of hisoutput and has no production cost.The market contains also traders, each of whom can buy a unit of thegood from a producer. If a trader buy a unit, he can sell it for the price20 if it is high quality and for the price 10 if it is low quality. No tradercan verify the quality of a good prior to purchasing it.A producer can obtain a certificate that says that his output has highquality. The cost of such a certificate is 4 for type H and 12 for type 12for type L. (A type L producer has to bribe the agency who gives thecertificate.)Traders make offers. An offer has either the form (+, p), a promise to payp for a good with a certificate, or the form (−, p), a promise to pay p fora good without a certificate.…
How much money can the Eastman Land and Cattle Company afford to spend now for a tractor trailer in lieu of spending $71,000 three years from now, if the interest rate is 13% per year and the inflation rate is 6.3% per year?
NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.
Solve by factors.
Chapter 25 Solutions
Principles of Economics 2e
Ch. 25 - In the Keynesian framework, which of the following...Ch. 25 - In a Keynesian framework, using an AD/AS diagram,...Ch. 25 - Use the AD/AS model to explain bow an inflationary...Ch. 25 - Suppose the U.S. Congress cuts federal government...Ch. 25 - How would a decrease in energy prices affect the...Ch. 25 - Does Keynesian economics require government to set...Ch. 25 - List three practical problems with the Keynesian...Ch. 25 - Name some economic events not related to...Ch. 25 - Name some government policies that cod cause...Ch. 25 - From a Keynesian point of view, which is more...
Ch. 25 - Why do sticky wages and prices increase the impact...Ch. 25 - Explain what economists mean by menu costs.Ch. 25 - What tradeoff does a Phillips curve show?Ch. 25 - Would you expect to see long-run data trace out a...Ch. 25 - What is the Keynesian prescription for recession?...Ch. 25 - How did the Keynesian perspective address the...Ch. 25 - In its recent report, The Conference Boards Global...Ch. 25 - What may happen if growth in China continues or...Ch. 25 - Does it make sense that wages would be sticky...Ch. 25 - Suppose the economy is operating at potential GDP...Ch. 25 - Do you think the Phillips curve is a useful tool...Ch. 25 - Return to the table from the Economic Report of...Ch. 25 - Explain what types of policies the federal...
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