Questions from Macroeconomics

Q: The two accompanying diagrams show supply and demand curves for two substitute

The two accompanying diagrams show supply and demand curves for two substitute commodities: regular cell phones and smartphones. a. On the right-hand diagram, show what happens when rising raw materia...

Q: Consider the market for beef discussed in this chapter (Tables 1

Consider the market for beef discussed in this chapter (Tables 1 through 3 and Figures 1 and 8). Suppose that the government decides to fight cholesterol by levying a tax of 50 cents per pound on sale...

Q: The demand and supply curves for T-shirts in Touristtown,

The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations: Q = 24,000 − 500P Q = 6,000 + 1,000P where P is measured in dollars and Q is the number of T-shi...

Q: The following are the assumed supply and demand schedules for hamburgers in

The following are the assumed supply and demand schedules for hamburgers in Collegetown: a. Plot the supply and demand curves and indicate the equilibrium price and quantity. b. What effect would a de...

Q: The following table summarizes information about the market for principles of economics

The following table summarizes information about the market for principles of economics textbooks: a. What is the market equilibrium price and quantity of textbooks? b. To quell outrage over tuition i...

Q: Which of the following transactions are included in gross domestic product,

Which of the following transactions are included in gross domestic product, and by how much does each raise GDP? a. Smith pays a carpenter $50,000 to build a garage. b. Smith purchases $10,000 worth o...

Q: Two countries start with equal GDPs. The economy of Country A

Two countries start with equal GDPs. The economy of Country A grows at an annual rate of 3 percent, whereas the economy of Country B grows at an annual rate of 4 percent. After 25 years, how much larg...

Q: Most economists believe that from 2010 to 2017, actual GDP in

Most economists believe that from 2010 to 2017, actual GDP in the United States grew slightly faster than potential GDP. What, then, should have happened to the unemployment rate over those three year...

Q: Country A and Country B have identical population growth rates of 1

Country A and Country B have identical population growth rates of 1 percent per annum, and everyone in each country always works 40 hours per week. Labor productivity grows at a rate of 2 percent in C...

Q: Below you will find nominal GDP and the GDP deflator (based

Below you will find nominal GDP and the GDP deflator (based on 2012 = 100) for the years 1996, 2006, and 2016. a. Compute real GDP for each year. b. Compute the percentage change in nominal and real G...