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What is GDP, and why is it a useful measure? What are the most important components of GDP in the U.S. economy today?
What is the difference between real and nominal GDP? How do you compare GDPs over time within an economy?
Calculate the inflation rate for the 2016-2017 period using the GDP deflator based on the Laspeyres, Paasche, and chain-weighted indexes of GDP.
What is the ratio of Japanese GDP to U.S. GDP if we don't take into account the differences in relative prices and simply use exchange rate to make conversion?
Discuss how this episode is likely to affect the economic well-being of the people in the country and the economy's measured GDP.
How much inequality in per capita income was there throughout the countries of the world a thousand years ago? How much is there today?
How much richer is the typical 40-year-old today than the typical 40-year-old 35 years ago in the United States? What about in South Korea or China?
Why do you suppose growth in living standards was virtually nonexistent for thousands of years? Why did this situation change in recent centuries?
What would the population equal 100 years from now? Compute the level of the population for t = 0, t = 1, t = 2, t = 10, t =25, and t = 50.
Do the same thing for an interest rate of 6%. Plot your bank balances for these two scenarios on a standard scale.
Plot the following scenarios for per capita GDP on a ratio scale. Assume that per capita GDP in the year 2015 is equal to $10,000.
Write a paragraph arguing that the benefits exceed the costs. Write a paragraph arguing the opposite, that the costs exceed the benefits.
For how long is it possible that per capita income in the United States has been growing at an average annual rate of 2% per year?
What is the purpose of macroeconomic models? How can a model of ice cream production be used to explain 50-fold income differences across countries?
Explain the rule that profit-maximizing firms follow when they decide how much capital and labor to hire.
What happens to the price and the quantity bought and sold in the cocoa market if countries producing cocoa experience a drought and a new study is released.
With the enactment of this price floor for fish, what are some of the likely unintended consequences in the market?
Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans.
Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia.
Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F.
Why are the factors that shift the supply of a product different from those that shift the supply of labor?
What would be the likely impact on U.S. financial markets as part of the global economy?
Whether the product market or the labor market, what happens to the equilibrium price and quantity for each of the four possibilities.
Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods? What about the labor market and the financial market?
If a usury law limits interest rates to no more than 35%, what would the likely impact be on the amount of loans made and interest rates paid?