Group Project 2: The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Units of Price Year output per unit 1 16 $2 2 20 3 3 30 4 4 36 5 5 40 6 (a) If year 2 is the base year, give the price index for year 3. (b) Give the nominal GDP for year 4. (c) What is the real GDP for year 4? (d) Tell which years you would deflate nominal
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ECON2103 – Problem Set (1) Multiple Choice Questions: 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $12 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $7. The opportunity cost of skipping practice and going to the carnival, valued in dollars is _________. 1) 2) 3) 4) $20 $12 $19 $7 2. Determining opportunity cost Winona is deciding whether to buy a suit
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Price Ceiling is a legal maximum on the price of a good or service. If the price ceiling is above the equilibrium then it is not binding and consumers would demand a smaller quantity than suppliers are producing. If the price ceiling is set below the equilibrium then it is a binding constraint and a "shortage" is created; the quantity demanded will exceed the quantity supplied. The shortage may be resolved in many ways. One way is to have people wait in line for the product, and only those willing
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ANSWER THE FOLLOWING QUESTIONS. USE GRAPH(S), TABLE(S), THEORIES AND EXAMPLES TO SUPPORT YOUR ANSWERS. 1. Julivee Cinema is the only movie theater in Subic Bay Philippines. The nearest rival movie theater, The Kolotski Twin is 35 miles away in Subic. Thus, Juvilee Cinema possesses a degree of market power. Despite having market power, Julivee Cinema is currently suffering losses. In a conversation with the owners of Julivee, the manager of the movie theater made the following suggestions: “
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American Federation of Labor (AFL) | The leading labor organization in America, founded in 1881 by Samuel Gompers and composed of craft unions rather than a single national union | American Socialist Party | Political party formed in 1901 and led by Eugene V. Debs that advocated replacing the nation’s capitalist system | anarcho-syndicalism | A radical form of political protest that advocates the use of labor activism to overthrow the capitalist system | blacklist | A compilation of known union
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What are the options? pricing and taxation policy reforms to redress excessive alcohol consumption and related harms in australia natacha Carragher & Jenny Chalmers1 nsW Bureau of Crime statistics and research 1 Natacha Carragher, Research Fellow, ATCL, BSc(Hons), PhD. Jenny Chalmers Senior Research Fellow, BEc(Hons), MEc, PhD. Drug Policy Modelling Program, National Drug and Alcohol Research Centre, University of New South Wales. Address for correspondence: Dr Natacha Carragher, National
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Answers to Review Questions 1. The real rate of interest is the rate that creates an equilibrium between the supply of savings and demand for investment funds. The nominal rate of interest is the actual rate of interest charged by the supplier and paid by the demander. The nominal rate of interest differs from the real rate of interest due to two factors: (1) a premium due to inflationary expectations (IP) and (2) a premium due to issuer and issue characteristic risks (RP). The nominal rate of interest
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1. Improvements in technology for producing all goods must result in (A) an inward shift in the production possibilities curve (B) an outward shift in the production possibilities curve (C) a flatter production possibilities curve (D) a steeper production possibilities curve (E) greater unemployment of labor 2. The quantity of peanuts supplied increased from 40 tons per week to 60 tons per week when the price of peanuts increased from $4 per ton to $5 per ton. The price
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Topic: Three issue in the current world Class: soc105 Name: Taiwan NGO (Non-Governmental Organization, called NGO) is a non-profit patterns in the international, especially in the main international aid. The international aid NGO in Taiwan is working on three things. First, a mainstream international development issues. Second, how participation of the international aid modalities. Three, introduce international cooperation development Foundation. Today, we are going to discuss the three
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AB0901 PRINCIPLES OF ECONOMICS: A SINGAPORE PERSPECTIVE _________________________________________________________________________ Academic Year | : | 2013 - 2014 | Semester | : | July | Course Coordinator | : | Tan Khay Boon | Other Instructor(s) | : | Siang NgOng QiyanLu JiaSuman Kumari Sharma | Pre-requisites | : | Nil | No. of AUs | : | 3 | Course Description and Scope This course aims to provide a basic understanding of Economics. The first portion of the course will cover
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