I must show my work and explain the answers in economic terms. 1) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent? 2) The consumer price index was...

Discuss the ethical issues that have developed regarding the use of IT in cross-border transaction.

Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively correlated?

GDP calculations do not directly include the economic costs of environmental damage for example, global warming, acid rain. Do you think these costs should be included in GDP? Why or why not? How should GDP be amended to include environmental damage costs?

"Once monetary policy is dedicated to controlling the level of nominal GDP, then fiscal policy can be used to"

question are in doc attachment

7) The "division of labor" refers to a) discrimination in labor markets b)separating a job into smaller tasks completed by different people c) one worker who divides his time among different jobs and duties d)defining a job according to the appropriate sex e)the fact that...

In a day of production, firms in Israel can produce 77 microprocessors or 24 ballistic missiles. Firms in the United States can produce 88 microprocessors or 14 ballistic missiles. What is the maximum price the country with the comparative advantage in ballistic missiles is willing to pay for a...

8) The law of comparative advantage says that a person should produce a good if she a)has the greatest desire to consume that good b)has the lowest opportunity cost of producing that good c)has an absolute advantage in a related activity d)has a comparative advantage in a related activity...

Three recent Industrial Engineering graduates are considering setting up a new consulting company, ErgoTech Ltd., to provide services on ergonomic designs and evaluations. Initially, they expect to invest $7000 on furniture, photocopier and testing equipment (Class 8), $3500 on a computer...