Complete the table by calculating the surplus or deficit both dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.
Q: E.g.1: A demand function is given by the equation P = 24 – 6lnQ - Find the equation of TR (total…
A: TR (total revenue)= P (price) *Q (quantity)MR (marginal revenue) dTR/dQTR is maximum at Q where…
Q: Regulations on the firm Human capital Input prices Change Necessary to Increase AS 1111 =
A: Human capital refers to the skills, knowledge, experience, and abilities possessed by individuals…
Q: Problem 4. The marginal cost C" for a product as a function of the number of units produced q is…
A: Fixed Cost = 5000MC is depicted in graph below ,
Q: The following figure shows the demand for monopolists Price 20 10- 0 Quantity a) 60 b) 59 c) 96 d)…
A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…
Q: The utility function and the prices are the following: U =min{ 82 x1, 77 x2} P1-83, P2=39 and I…
A: In the latter half of the nineteenth century, various economists developed the theory of utility…
Q: lowing mathematical form: Q=y[SK+ (1-8)L-P]-V/P here y is an efficiency parameter that shows the…
A: Where Y is an Efficiency Parameter ∂ is Distribution Parameter P is the Substitution Parameter
Q: There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. X₁ measures the number of…
A: The utility function refers to all those commodity bundles that derive the same amount of utility…
Q: Suppose the U.S. economy is Keynesian (i.e., sticky prices in the short run) and can be described by…
A: The equations you provided describe the following economic relationships:Cd is the demand for…
Q: Consider a small world that consists of two different countries, a developed and a developing…
A: The Solow growth model explains the long run growth rate of economy. The short run growth can be…
Q: Scenario 1 Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the…
A: The market clearing wage is the wage at which the supply of labour is equal to the demand for…
Q: Role of Central Banks and Moral Hazards Central banks have injected moral hazard into global…
A: A central bank is a type of institution in an economy that regulate the economy by using its…
Q: Wage Rate tion 20 Wo W₁ W₂ W3 0 Q3 MRC Q₂ Q₁ Employment O W₂, and Q₁ workers would be hired. OW₂,…
A: In monopsonist market, there is only one firm or buyer demanding the labor.
Q: Calculate the elasticity of demand between these two price-quantity combination by using the…
A: Elasticity of demand refers to the degree of responsiveness of demand by comparing the percentage…
Q: Give only typing answer with explanation and conclusion PPC is concave to the point of origin…
A: Manufacturing and marketing choices in economics include determining the optimal quantity of output…
Q: "Your Engine or Mine" is a local manufacturer of four-stroke single-cylinder engines in College…
A: Problem: "Your Engine or Mine," a local manufacturer of four-stroke single-cylinder engines in…
Q: “I’m working as a restaurant consultant. My clients are Amy’s Diner and Joe’s Burger Stop. Both…
A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…
Q: Suppose that a paper mill “feeds” a downstream box mill. For the downstream mill, the marginal…
A: Here,P = priceR = revenue TR = Total revenue MR = marginal revenue MC = marginal costTC = Total cost…
Q: Which of the following options is correct in the long run? a. More firms will enter the industry in…
A: In economics, the long run is a timeframe in which all elements of production are variable. This…
Q: Venture capital (VC) firms are pools of private capital that typically invest in small, fast-growing…
A: Principal-Agent Problem:When the conflict of interest arises between the principal and the agent…
Q: (Figure: Market for TVs 2) Use the graph to complete the problem. Price 1,000 500 50 Domestic supply…
A: Market demand and Supply: In the market for a product, we have the demand and the supply curves. And…
Q: a) Given that Vincyland is a small country, thorougly examine the partial equilibrium welfare…
A: The concept of capital intensity refers to the degree or extent to which a production process or…
Q: If the monetary base increases by $1 million and the quantity of money increases by $2.5 million,…
A: Money demand curve is the downward sloping curve. Money supply curve is the upward sloping curve.…
Q: Mo's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina.…
A: A perfectly competitive market is a theoretical market body where all companies offer homogeneous…
Q: How can monetary policy, fiscal policy and financial sector regulation help in the fight against…
A: Central bank refers to institutions of an economy that regulates the money supply using its monetary…
Q: Q3) How is peak-load pricing a form of price discrimination? Can it make consumers better off? Give…
A: Price discrimination is the practice of charging different prices for the same product or service…
Q: The partial data in the table below are for the economy of Arinaka. Planned investment, government…
A: The measure that depicts the value of all of the final services and goods that are being produced…
Q: Alpha limited commenced business on 1January 2022 with a single item of inventory costing £120,000.…
A: There are two type of capital maintenance which is financial capital maintenance and physical…
Q: As the newly appointed public health director in your county of residence, you are charged with…
A: Health economics is an analysis of the production, distribution, and use of medical services…
Q: Estimate the exposure b to the exchange risk.
A: Exchange rate risk is the risk that arises from the change in value of one currency against another.…
Q: Question 14 Which of the following policy measures by a central bank will contract money supply? A…
A: A. Buying Government Security Through Open Market Operations:When a central bank buys government…
Q: What would happen in the long if the firm produces 84 units and charges $28? PRICE Data 80 80 20 10…
A: Firm will stay when revenue is enough to cover average variable cost.
Q: How can monetary policy, fiscal policy and financial sector regulation help in the fight against…
A: Monetary policy, fiscal policy, and financial sector regulation can play significant roles in the…
Q: The table gives the demand schedule for balloon rides (columns 1 and 2) and HotAir's total cost…
A: The profit-maximizing output is the level of production at which a company can achieve the highest…
Q: Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of…
A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium is…
Q: Suppose Italy produces only scooters and pressure cooker The resources that are used in the…
A: The PPF is typically depicted as a curve on a two-dimensional graph, with one good or service…
Q: Inflation, B Unemployment At point A, what does the economy represents: a) There is a decline in…
A: The Phillips curve suggests that there is a trade-off between inflation and unemployment in the…
Q: What are some similarities between predictive policing and the social credit score
A: Predictive policing is a mathematical-based system that analyzes data to predict where and when…
Q: 5. Profit maximization and shutting down in the short run The following graph plots daily cost…
A: Firms operate in a competitive market based on customer demand and their cost structures. When the…
Q: Wage Rate MRC X Q₁ Q₂ W5 W4 W3 W₂ 3 W₁ 0 Q3 Q4- Quantity of Labor Refer to the diagram. An…
A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. In a…
Q: The graph shows the supply curve of sweaters. Now the number of suppliers of sweaters decreases and…
A: Law of supply states that, keeping other factors constant, an increase in price results in an…
Q: Suppose that the labor market is in equilibrium. The government has decided to implement a minimum…
A: Lorenz curve graphically shows the income inequality that exists in a country using the cumulative…
Q: Why are not more resources allocated to the prudential regulation of the banking sector, which is…
A: Banks continue to be important financial service providers in the twenty-first century, promoting…
Q: Explain two reasons why it might be difficult at times to determine the exact rate of unemployment…
A: Determining the exact price of unemployment in a country can be a complex task due to various…
Q: Suppose that a paper mill “feeds” a downstream box mill. For the downstream mill, the marginal…
A: Paper mill > Downstream box millMarginal profitability of producing boxes declines with…
Q: A firm's supply curve is depicted in the following graph. 2004 Price (P) a. 16 b. 25 c. 18 d. 0 150…
A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…
Q: Suppose that Brice has an asset worth $200 in the present. That asset will be valued at $340 in 1…
A: In this scenario, we are presented with an asset owned by Brice that is currently valued at $200.…
Q: Explain the challenges Ghana Maritime Industr is facing.
A: Here are some of the common challenges:-
Q: Use diagram to explain what will happen to the exchange rate between the rand and the US Dollar if…
A: The value of one currency in another currency's terms is known as the nominal exchange rate. It also…
Q: David and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the…
A: Absolute advantage is different from comparative advantage, which takes into account the opportunity…
Q: If federal deposit insurance is provided to banks at no cost to them, who pays when an insured…
A: Federal deposit insurance is a government-backed program in the United States that provides…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- 1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1984 and 1985, the ______ (surplus/deficit) _______(grew/shrank/remained the same) in dollar terms and ______ (grew/shrank/remained the same) as a percentage of GDP. Grade It Now Save & ContinueIf imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?What determines the size of a countrys trade deficit?
- If the value of goods and services that Australia purchases from the United States are less than the value of goods and services that the United States purchases from Australia, then the United States has a. positive net exports with Australia and a trade surplus with Australia. b. positive net exports with Australia and a trade deficit with Australia. c. negative net exports with Australia and a trade surplus with Australia. ar negative net exports with Australia and a trade deficit with Australia.1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1968 through 1972. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Year (Billions of dollars) 1968 910.0 985.0 1,039.0 1,127.0 1,238.0 1969 1970 1971 1972 Exports (Billions of dollars) 47.9 51.9 59.7 Between 1970 and 1971, the 63.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 Exports (Billions of dollars) Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Imports (Percentage of GDP) in dollar terms and as a percentage of GDP.What would be the effect of a devaluation on a country’s imports and exports? If a country imports most ofthe goods included in the basket of goods and servicesused to calculate the CPI, what do you think the effectwill be on this country’s inflation rate?
- 1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Exports Imports Exports - Imports Year (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 1984 3,931.0 302.4 405.1 1985 4,218.0 302.0 417.2 1986 4,460.0 320.3 452.9 1987 4,736.0 363.8 508.7 Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1984 and 1985, the in dollar terms and as a percentage of GDP.4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. Supply IN Demand QUANTITY OF DOLLARS REAL EXCHANGE RATE (Units of foreign currency per dollar) Demand Supply ?4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) QUANTITY OF DOLLARS Given this change, the dollar Supply Change due to a tariff Demand Fill in the following table with the effect of a tariff on the following items: Demand Supply (?) Demand for Loanable Funds Real Interest Rate National Saving Net…
- QUESTION 33 What happens when imports are more than exports? There is a; OA Trade deficit OB. Trade surplus OCTrade barrier OD.Trade quola QUESTION 34 The value of output of a KFC (an American owned company) in Japan is counted as part of GDP for OA USA OB. Japan and USA Japan O D-China QUESTION 35 In year 1 nominal GDP is $ 20 trillion and in year 2 nominal GDP is $ 24 trillion. What was the growth rate of nominal GDP between year 1 and 2? O A. 16.7% OB 83.3% OC.20%% O D.10.0% QUESTION 36 Given the diagram below which of the following statements is true? 4.00 300 250 200 150 1.00 012 1 4S62 .o10 1 12 13 415 Ority hosandh of dosee per moe O A. When the price is $2 there is a surplus of 4 units O B. When the price is $1:50 the quantity demanded is 4 units OCWhen the price is $3.50 the quantity demanded is 12 units O D.When the price is $3.00 there is a surplus af 4 units uteg apop ud1. Notice how U.S. imports rose at roughly the same rate asthose of other countries until the 1970s. What accounts forthe acceleration of U.S. imports thereafter? 2. China’s exports rose spectacularly after the 1990s. Germanyincreased its exports in this period dramatically as well. Whatevidence do you see here for increasing competition for theUnited States in a globalizing economy?When the nation of Ectenia opens itself to worldtrade in coffee beans, the domestic price of coffeebeans falls. Which of the following describes thesituation?a. Domestic production of coffee rises, and Ecteniabecomes a coffee importer.b. Domestic production of coffee rises, and Ecteniabecomes a coffee exporter.c. Domestic production of coffee falls, and Ecteniabecomes a coffee importer.d. Domestic production of coffee falls, and Ecteniabecomes a coffee exporter.