Nominal GDP and real GDP

Visit the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting National Income and Product Account Tables. Select Frequently Requested NIPA Tables, and use Tables 1.1 and 1.2 to identify the GDP (nominal GDP) and real GDP for the past four quarters. Why was nominal GDP greater than re ...continues

What is the current U.S. umemployment rate?

Visit the Bureau of Labor Statics website, www.bls.gov/news.release/empsit.toc.htm, and select Employment Situation Summary. What month (and year) is summarized? What was the unemployment rate for that month? How does that rate compare with the rate in the previous month? What were the unemployment rates for adult men, adult ...continues

Production and Cost

Please provide detailed responses including diagrams, where necessary to illustrate your points. 1. Explain the term "minimum efficient scale"(capacity) in reference to the long-term average cost curve. 2. What do economists mean by long-term production? Why might a firm experience falling long-run average costs?

Leading economic indicators--how goes the economy?

The Conference Board, at www.conferenceboard.org/, tracks the leading economic indicators. Check the summary of the index of leading indicators and its individual conmponents for the lastest month. Is the index up or down? Which specific components are up, and which are down? What has been the trend of the composite index over ...continues

Currency trivia

Visit the website of the Federal Reserve Bank of Atlanta, www.frbatlanta.org/publica/brochure/fundfac/money.htm, to answer the following questions: What are the denominations of Federal Reserve Notes now being printed? What was the largest-donomination Federal Reserve Note ever printed and circulated, and when was it last print ...continues

Investment Instability--Changes in real privat nonresidential fixed investment

The Bureau of Economic Analysis provided data for real private nonresidential fixed investment in table form at www.bea.gov. Access the BEA interactively and select National Income and Product Account Tables. Find Table 5.4 "Private Fixed Investment by Type." Has recent real private nonresidential fixed investment been volatil ...continues

Having trouble understanding value being determined by margin in this problem

A river has been used to irrigate farm land. A 3000 megawatt, coal-fired electric generating plant which would require about 40,000 acre-feet of water per year from the river. Operating the generating plant would mean less water for agriculture. The first part of the question is: which is more efficient use of the water fr ...continues

Drawing the graph for this problem and determing the correct answer

The textbook claims that when people do not have to pay anything to use valuable resources, such as urban roadway space, they will continue using them until their value diminishes to zero. That often strikes people who have not yet become thoroughly familiar with the marginal way of thinking as wrong. Why would people choose t ...continues

Elasticity problem

One estimate of the price elasticity of demand for cigarettes puts it at 0.4: A 10 percent increase in the price of cigarettes will lead to a 4 percent decline in the quantity demanded. (a) Does this imply that an increase in the tax on cigarettes is an effective way to reduce smoking? (b) Does it imply that an increase ...continues

Question

What is a product or service which features inelastic demand, and a product or service which features elastic demand.