Question 11 Gross domestic product (GDP) is best defined as the total market value of all O a) final goods produced within a country within a given time. b) goods and services produced within a country within a given time. Oc) final goods and services produced within a country within a given time. O d) goods produced within a country within a given time. e) services produced within a country within a given time.

Q: which to build a structure, which they will nee years hence. The current cost are: land, P1,000,000;...

A: Given, At Present Cost of, Land = P1,000,000 Building P3,500,000  Appreciation Rate Land = 20% per a...

Q: Question 2: A firm faces the following cost function: C(y) = 4y2 + 10, resulting in a marginal cost ...

A: C=4y2 + 10 Differentiate C w.r.t y MC = dC / dy => MC = 8y ------------------------- C=4y2 + 10 =...

Q: 1. Suppose that there are 1200 units of a nonrenewable resource available over two periods (0 and 1)...

A: Given; Units of Nonrenewable resource available= 1200 Demand in each period; P=2000-Z Marginal cost=...

Q: What are the similarities and differences between a short-run supply curve and a short-run market su...

A: Supply is the quantity seller are  willing to sell at certain time and place .  And supply curve sho...

Q: : Question: Ethics (singular in meani

A: the word ethics is used in plural form . Ethics means  moral principles or culture or values . 

Q: which statement is correct A result of welfare economics is that the price of a product is consider...

A: 1. Statement is incorrect because this is intimately related to the study of economic efficiency and...

Q: Which of the following holds true when net investment is zero? O The law of motion of capital implie...

A: In the Solow growth model, savings and investment are the key drivers of economic growth in a countr...

Q: Consider the following game:

A: Given,  Two Players  Player 1 and Player 2 Player 1 has two strategies : a and bPlayer 2 hastwo stra...

Q: a. The relative productivity of the land included through the westward expansion affected cotton com...

A: Slavery has been one of the most widespread and long-lasting labor institutions. Mostancient civiliz...

Q: France and the US. France and the US are among the most successful economies in the world, but a clo...

A: a) In the mentioned table we here calculate output per capita (GDP/Capital); output per worker  (GDP...

Q: What is the shape of the average variable and average total cost curves and average  fixed cost? Exp...

A: One of three average curves is the average variable cost curve. The average variable cost curve is i...

Q: Other things held constant, the greater the price of a good the greater the consumer surplus. the hi...

A: Consumers have a desire to purchase a product, and manufacturers create a supply to match that deman...

Q: which statement is true In the absence of market power and externalities, efficiency is achieved in...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: If the supply of a good decreases and it causes total revenue to increase, this shows that the good ...

A: When the demand is elastic, then the price and total revenue moves in opposite direction i.e. when p...

Q: Why is global trade important?

A: Global trade means trading( Export and import)  goods and services between the nation's .    Global ...

Q: Data for 2019 (Base Year) Data for 2020   Quantity Price Quantity Price Potato 600 2.50 68...

A: Dear student, you have asked multiple sub-part questions in a single post. In such a case, I will be...

Q: Global businesses face problems when exploiting international business opportunities. These problems...

A: Global Businesses are those businesses whose trade are in  different countries . The term internatio...

Q: Question 5 Rational Ignorance tells us that politicians look for issues that benefit whose costs are...

A: Rational ignorance: If we consider the example of voting then in order to give votes and choose good...

Q: 4. Consider the following static zero sum game G. Colin A DE A -4 3 -1 B-1 2 4. 4 1 -1 -1 -3 D 3. -1...

A: Zero sum game is defined as the game in which the sum of payoffs of both the players is equal to zer...

Q: Does the effect of Monetary Policy can be seen much quicker than the effect of Fiscal Policy? Is the...

A: The two most widely used instruments for influencing a country's economic activity are monetary poli...

Q: These are products or services that are desired by human and will be purchased if money is available...

A: People will prioritise their desire for goods and services on the basis of their importance, availab...

Q: If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price...

A: Given  Production function q=minL,K/3              ... (1) Price of labor (w) = $3 Price of capital ...

Q: State and explain at least 2 limitations when the central bank implements monetary policy.

A: Monetary policy is the policy of the central bank of the economy to control the money supply in the ...

Q: Recently in the City of Seoul, building contractors lobbied the city council to pass an ordinace req...

A: Lobbying is any attempt by individuals or private interest groups to influence the decisions of gove...

Q: Imagine that the government wages a major war on illicit drugs. Assuming that at the point of initia...

A: In the mentioned question we have been asked about the effect of strict measures taken by the govern...

Q: Nhen buyers of insurance have more information about whether they are high-risk or low-risk than the...

A: While purchasing insurance if one party has more information than other, the situation is called adv...

Q: Discuss the pros and cons of free trade.

A: Although free trade and the effects of tariffs on the global economy are hotly debated topics, they ...

Q: escribe the mechanism by which supply creates its own demand.

A: The curve that depicts the quantities that are being supplied by producers at various levels of pric...

Q: The graph shows the supply curve of haircuts and the market price of a haircut. Price (dollars per h...

A: In a perfect competitive market, the marginal cost of the firm is shown by its supply curve. Produce...

Q: 1. Give three reasons why GDP is the most widely used measurement in determining economic growth and...

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: a. The price of a Chevrolet rises. Circle the correct answer and use a graph to illustrate if the ev...

A: The law of demand explains negative relationship between price and quantity demanded of the good. As...

Q: How do changes in the interest and unemployment rates impact the supply curve?

A: Interest rate: - it is the percentage charge on the principal amount from a lender to a borrower. Un...

Q: happens to the marginal product labor? Y=zF(K,N) Labor (N) O It increases O It decreases O It increa...

A: The production function depicts the technical association between the quantities of output (Q) that ...

Q: 4. Consider the following static zero sum game G. Colin A C DE -4 3 -1 -1 2 4 4 C 1. -1 -1 -3 3. -1 ...

A: Zero sum game is defined as the game in which the sum of payoffs of both the players is equal to zer...

Q: Explain the different intervention measures that are taken by the government to control inflation? C...

A: Inflation is defined as a rise in the price of all products and services generated in the economy as...

Q: What is unemployment, it's types, and and socio-economic impact of unemployment? What are different ...

A: Socio-economic impacts include the impacts that a situation does on the social environment and econo...

Q: A P2,000,000 loan was originally made at 8% simple interest for 4 years. At the end of this period, ...

A: * SOLUTION :-    From the given information ,  The OPTION A is correct answer.  

Q: The graph shows the market for apple pickers in New England. Next question Wage rate (dollars per ho...

A: Equilibrium wage rate and equilibrium quantity of pickers employed will occur at a point where D cur...

Q: and the dealer's total revenue will elastic; increase inelastic; increase

A: A snowmobile dealer lowers it's price by 16 percent and the quantity demanded increases by 2 percent...

Q: Question 5 Contra Costa College purchases an old building for admiration work. Included in GDP. Not ...

A: GDP refers to the value of goods and services that are produced within the economy in the given year...

Q: Total revenue increases if the price of the good A) falls and supply is inelastic. B) rises and dema...

A: Option A When supply is inelastic any % increase in price will be less than % change in quantity sup...

Q: An Economy is composed of a Producer of Apples, a Producer of Bananas, a Grocery Store, Consumers, a...

A: Total profits = Profits made by Apple producers + Profits made by banana producers + Profits made by...

Q: In marginal analysis, if possible, the optimal outcome is found when Select the correct answer below...

A: MB, marginal benefit is the additional benefit gained from selling an additional unit of output. MC,...

Q: Use the information in the table to calculate the inflation rate. The base year is 1989. Market bask...

A: The given table provide information about the price and quantity of different goods in year 1990 and...

Q: “All problems in economics are about scarcity, that is, about how to use given resources for satisfy...

A: "All economic problems are about scarcity, that is, how to use limited resources to achieve competin...

Q: Olivia and Tara are sisters, whose parents requie them to do four hous of househoid chores per week....

A: Given:   No of Dog parks No of the Plants watered Olivia 3 9 Tara 2 4

Q: The economy below has a linear production possibility frontier, given by C=Y-G/q. The government has...

A: Since public good is inferior, its quantity demanded goes down if it becomes cheaper. Here because o...

Q: 7. There are large global inequalities in the amount of capital different countries have. Part of th...

A: Assuming, the same production function in US and Ghana, Y=KL MPK is given by, MPK=∂Y∂K=12KLL=12LK So...

Q: Suppose the following situation Assume the following is the market for a normal good (lets say high ...

A: NORMAL GOOD " ARE THOSE GOODS WHOSE DEMAND INCREASES AS PEOPLES INCOMES AND PURCHASING POWER RISES. ...

Q: Discuss wether all firms in a country will welcome a change in people’s income.

A: Income plays a crucial role in deciding the purchasing power of individuals in an economy. The highe...