Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry abou trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? Enter your answer to two decimal places.
Q: then how much compensating and equivalent variations?
A:
Q: Suppose a market has a Herfindahl index of 0.1. Should we expect this market to be fiercely…
A: To determine the level of market rivalry, economists frequently use the Herfindahl index, which is a…
Q: Part 1: 1. Suppose the monetary base is $80,000, the reserve requirement is 0.20, the…
A: Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: Draw the correctly labeled graph that shows the impact of decreased money supply and its impact on…
A: The entire amount of money that is in circulation in the economy at any particular time is referred…
Q: f. Shift the appropriate curve or curves to show the short-run and long-run adjustments. Then place…
A: The aggregate demand refers to the total demand for all finished commodities produced in an economy…
Q: $ 10 8 6 4 0 400 2. The firm will set a price of: Using the Graph above answer the following 1. This…
A: Monopolistic competition refers to the market organization in which there are many sellers of a…
Q: a. The production function Q (K, L) of a firm is given by: Q(K,L) = 5L KB If the firm has constant…
A: Production function shows the relationship between the inputs used and output produced. Constant…
Q: The financial rate of return on an automobile will tend to be lower than the rate of return on…
A: Financial assets are assets that derive their value from a contractual claim, such as stocks, bonds,…
Q: Let the economy in our numerical example be: C = 70 + 0.75Y I = 60 Y* = 520 Exercise 1: Add…
A: The Keynesian Cross is a simple macroeconomic model that shows the relationship between aggregate…
Q: 3. If all other factors remain the same, what happens to the demand curve for coffee if there is:…
A: A demand (D) curve is a graphical depiction of the correlation between the quantity (Q) of a product…
Q: Section Four: Compare using necessary graph and examples: (Assign) The non price factors increasing…
A: Demand means the quantity of goods that all the consumers are willing and able to buy at a given…
Q: Elijah and Aneesha are farmers. Each one owns a 16-acre plot of land. The following table shows the…
A: Production possibility frontier is an economic tool that is used to graphical represent the ability…
Q: 4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification…
A: A good is nonrival when its availability does not decrease by the other people’s consumption. A good…
Q: 4. Give one reason why it may make more sense to use expected net benefits to incorporate risk in a…
A: Expected net benefits, which take into account the probability of different outcomes, can provide a…
Q: KidzPoses Inc., a profit-maximizing business, is the only photography business in town that…
A: Total Revenue is the product of price and quantity Marginal revenue is the revenue generated from…
Q: What are the characteristics that set a good manager apart from an incompetent one?
A: Managerial economics involves the use of quantitative and qualitative analysis to perform…
Q: Discuss the problem with common resource ownership-include a discussion about overfishing in the…
A: Common resource ownership refers to a situation where a resource, such as a fishery or a forest, is…
Q: 4. Velocity and the quantity equation Consider a simple economy that produces only jean jackets. The…
A: Quantity theory of money states the relationship between the money supply, velocity, price level and…
Q: o written by hand solution Charmaine buys candy that costs $6 per pound. She will buy more than 7…
A: Cost of Candy = 6 she will buy 7 more candy
Q: Price of Avocados ($) / Cost 25 24 23 22 21 20 19 Curve 3 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2…
A: The concept of 'cost' is used by almost every business unit. The key advantage of using the cost…
Q: Complete the following table by indicating at each price whether there is a shortage or surplus in…
A: In market equilibrium, the amounts of a product demanded and supplied are balanced, and prices do…
Q: An amount of money is accumulating; in period t (= 1, 2, . . . , T) its size is $2t. In each period…
A: An amount of money is accumulating; in period t (= 1, 2, . . . , T) its size is $2t. In each period…
Q: That theories are related to poverty or how the rise in food prices affect the vulnerable…
A: There are several theories related to poverty, which attempt to explain the causes and consequences…
Q: two theories of education: human capital and signaling. Economists have estimated fairly large…
A: The term sheepskin effect describes the fact that earning more wages after obtaining a college…
Q: uppose the central bank of a country is worried about the economy overheating so it enacts a…
A: 2A. When the central bank enacts a contractionary monetary policy, it reduces the money supply. This…
Q: Total Output 1 2 3 4 5 6 7 8 9 10 Multiple Choice O O Price $100 O Refer to the data for a…
A: We know that the monopolist profit maximization output condition is marginal revenue is equal to…
Q: Which of the following is NOT a limitation of job expansion?
A: Job expansion is a process of creating the new job opportunities in the economy, this can lead to…
Q: In the production function Y=AF(L,K,H,N), Y represents the quantity of output; L represents the…
A: The production function refers to the technological relation among the quantities of physical inputs…
Q: 22. In a perfectly competitive market, market demand and supply functions are respectively: Demand:…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: What are the three stages of the demographic transition? For each stage describe: a. Is population…
A: A population's age distribution can significantly change as a result of a long-term pattern of…
Q: 4. Min King, the world traveler, says if the airlines want to attract more passengers, they should…
A: Elasticity of demand describes how much a product or service's quantity desired changes in reaction…
Q: hree mutually exclusive alternatives are being considered. A B C Initial Investment $50,000 $22,000…
A: Given Alternative A B C Fixed cost -50000 -22000 -15000 Annual income 5093 2077 1643 The…
Q: Assume the following demand curve: Q = 50,400 1,200(P). Variable costs are estimated to be $25.06.…
A: Total revenue and variable costs: Total revenue is the total value of the commodities produced and…
Q: Question 7 Here is a question from the Froeb text. I put this her per the requests of students to…
A: Nash equilibrium (NE) is considered to be the answer to the non-cooperative game (NCO). It presents…
Q: Find the equilibrium price and compute the consumer and producer surplus.
A: For computing the equilibrium price and quantity in the market , there needs to be balance between…
Q: Suppose Alex’s utility function for apple and orange is U(a,o) = a^2o. The price of an apple is $ 4,…
A: Given Utility function Ua,o=a2o .... (1) Price of apple pa=$4 Price of orange…
Q: PRICE (Dollars per pack) 10 40 AU NE 0 Supply Demand 0 10 20 30 40 50 60 70 80 90 100 QUANTITY…
A: Tax revenue is the product of tax per unit and quantity. The tax revenue lead to the deadweight…
Q: Mauritius is an island nation off the coast of the African continent in the Indian Ocean. At various…
A: There are two types of economy: Closed Economy Open Economy In a closed economy, three sectors are…
Q: Determine the level of output of each commodity at which the firm maximizes its total profit.…
A: The profit function of a firm is given in the question. For the maximisation of the profit function…
Q: Explain with examples: Perfectly competitive market is beneficial for the consumer in a nation.
A: A perfectly competitive market is a market structure where there are many buyers and sellers of a…
Q: The inverse demand for a homogenerous-product STakelberg duopoly is P=18,000-5Q. The cost structures…
A: Given Inverse demand function: P=18000-5Q The cost function of the leader firm: CL(QL)=2000QL The…
Q: The probabilities that the life of a machine will vary from 6 to 12 years are given in the table…
A: The expected life of Machine depends on the probabilities of number of years. Expected life will…
Q: Suppose you'll have an annual nominal income of $40,000 for each of the next three years, and the…
A: real income = Nominal Income / Price level Growth in real income = Growth in nominal income -…
Q: Label axis and curves. Determine if the situation is a Demand or a Supply and specify which…
A: The demand curve is the graphical representation of the relationship between the quantity demanded…
Q: Suppose Maria and Jamal both face the following individual loss distribution: 30% probability of…
A: Given information Suppose there are two people, Maria and Jamal. Both face the following individual…
Q: The demand for monorail service in a city in 2005 can be approximated by q-4,500p+ 44,600 rides per…
A: Total revenue: The demand function reflects the inverse relationship with the price of any commodity…
Q: Celine wishes to retire at age 6767 with $1,400,000$1,400,000 in her retirement account. When she…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Give typing answer with explanation and conclusion A new law requires companies to pay a 40%…
A: Before the law, the employer was paying $30 per hour for 12 hours of work. After the law (that they…
Q: Problem 19-02 (algo) A coal-fired power plant can produce electricity at a variable cost of $0.05…
A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…
Q: 2. How is the United States Government Involved in Education?
A: Education is importent means to build human capital formation in any country like United States.…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.…The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.…In trade negotiations with the Japanese over the large US trade deficit with Japan, the US administration has urged the Japanese government to undertake a more expansionary fiscal policy. Explain how this might affect the US trade deficit with Japan.
- The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 1984 3,931.0 302.4 405.1 1985 4,218.0 302.0 417.2 1986 4,460.0 320.3 452.9 1987 4,736.0 363.8 508.7 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1983 and…In 2018, the Government of the Federated Republic of Coconut Islands had a budget surplus of $20 million dollars. Suppose that in the same year, the total amount of government expenditures was $324 millions. What was the government's tax revenues in that year?argues on the intervention of fiscal policy as an instrument to promote growth, sustainability and economic stability of a country. (Provide a detailed example).
- If you were the Prime Minister of Malaysia, what would you do to reduce the fiscal deficit of the country? Explain in detail.If a country's fiscal revenue is 1,908,408.87, and its fiscal expenditure is 2,813,922.47, find the fiscal-balance-to-GDP ratio (expressed as %), given the GDP is 15,434,151.80.The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of Dollars) (Percentage of GDP) 2006 13,399.00 1,471.00 2,240.30 -769.30 -5.74 2007 14,062.00 1,661.70 2,375.70 -714.00 -5.08 2008 14,369.00 1,843.40 2,553.80 -710.40 -4.94 2009 14,119.00 1,578.40 1,964.70 -386.30 -2.74 2010 14,660.00 1,837.50 2,353.90 -516.40 -3.52 Step 3 In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30. Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74% Similarly has been calculated for other years Between 2007 and 2008, the _____________ in dollar terms and…
- The imaginary country of Acordia lists the following projected revenues and outlays for 2020: $30 million in personal income tax, $20 million in corporate income tax, $7 million in indirect taxes, $2 million in investment income, $35 million in transfer payments, $14 million in government expenditures, and $4 million in debt interest. What is the projected budget surplus (or deficit) for 2021? Calculate the amount and indicate whether it is a surplus or deficit.Is it possible for a nation to run budget deficits and still have its debt/GDP ratio fall? Explain your answer. Is it possible for a nation to run budget surpluses and still have its debt/GDP ratio rise? Explain your answer.Calculate the revenue deficit of a country where revenue receipts is $10,000 million and the revenue expenditure is $15,600 million