to eliminate business cycles. (d) wages and prices don’t adjust quickly‚ so the economy is slow to return to equilibrium. Answer: B 4. (4 points) The country of Old Jersey produces milk and butter‚ and it has published the following macroeconomic data‚ where quantities are in gallons and prices are dollars per gallon. | |2003 | |2004 | |Good |Quantity |Price | |Quantity
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Fundamentals of Macroeconomics ECO/372 Principles of Macroeconomics Alisha Wisniewski May 28‚ 2013 David Aloyan Part 1 Using Resource: Figure 3-1 in Ch. 3 of Macroeconomics 1. Gross Domestic Product – Is value of how much every household and a business can produce within the United States in a year. 2. Real GDP – The dollar amount of money made by businesses‚ government‚ and households combined. 3. Nominal GDP – GDP without taking in account other factors like inflation. It
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Microeconomics WA3 1. At its current level of production‚ a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit‚ the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm’s current profit? What is likely to occur in this market‚ and why? Total rev | 12500 | Total costs | 10000 | TC=ATC(Q) = 10 ( 1000) = 10000 Profit=TR-TC
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MTV and The Madonna Phenomenon "Madonna’s intuitive grasp on the televisual world in which we live- of the medium’s possibilities for engaging spectators in diverse ways- that in part accounts for her success. She is the supreme television heroine." (E. Ann Kaplan 271) "What are the main theories which we have studied so far and how have they affected how you view television?"-This is the question which this paper is supposed to answer. Obviously there is not enough time or space
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workers in the labor force and the technology that each worker has at his disposal. So if the technology were to improve then this would cause “E” to increase. When “E” does increase it is saying that each worker is now more efficient and can produce even more output than they could before. By incorporating technology into the equation they are showing the technological progress is labor-augmenting. This means that as the technology improves it makes each worker more productive by changing the way that
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is directly being measured. For example‚ the consumer price index for urban consumers tells us what is happening to the general price level of consumer goods in US urban locations. Another example of a direct signal would be the unemployment rate since it measures the percent of labor force that is unemployed. Indirect signals come from watching the movement of causally related indicators‚ and drawing conclusions about one from the movement of the other. For example‚ if lenders feel that inflation
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Advance Macroeconomics 1. Why the rich become richer and poor become poorer? It is because of the rising in inequality. He rich have got richer‚ and the poor have become relatively poorer. It is not that the real incomes of the lowest paid have fallen (though in some cases real incomes have been stagnant) but‚ they have fallen behind higher income earners. The gap between the highest paid and lowest paid has increased. In the past couple of decades it feels like the ‘rich have got richer
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Principles of Macroeconomics Coursework Rodoula Makri ECON101-EN Question 1: a) Price of substitute good falls - As seen on the diagram above when price of substitute product A rise‚ then demand for substitute product B rises accordingly. Positive relationship between the two. Shift to the right. b) Taste shifts away from the good - Whe the taste shifts away from the good it becomes less desirable‚ making its demand for it decrease. Shift to the left. c) Price of complimentary good
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MicroEconomics 102 Problem Set #1: Chapters 1-4 Due Date: September 20th Name: _______________ 1. Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain. Luckily for me my Education is being paid for the by United States Government. I have had many unforeseen costs‚ such as rent‚ bills‚ food‚ gas‚ and many other things. 2. A friend pays for your lunch. Is this an example of a “free lunch”
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Macroeconomics Assignment: Unemployment Unemployment Data for August of 2013 Employment (rose/fell/remained unchanged)‚ and the unemployment rate edged (up/down/stayed unchanged) to (?) percent in the last month. Total nonfarm payroll employment increased by 169‚000 in August‚ and the unemployment rate was little changed at 7.3 percent‚ the U.S. Bureau of Labor Statistics reported today. Employment rose in retail trade and health care but declined in information. The jobless rate had
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