Microeconomics
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Quetion: Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading. Include in your answer why solutions to the problem
What is the role of price in market economies?
Define the "full-employment" or "natural" rate of unemployment and give its approximate percentage rate as economists currently define it.
Economic systems differ according to which two main characteristics?
Determine the value of MPC whenever MPS is zero? Answer: Whenever MPS = 0, MPC = 1 – 0 = 1.
Definition of surplus: It is a condition in which quantity supplied is more than quantity demanded. To remove the surplus, producers will minimize the price till the market reaches to equilibrium.
In calculating the GDP national income accountants:
Differentiate between APC and MPC. The value of which of them can be greater than another and when? Answer: APC is the average
When firms bear the legal incidence of a tax, this is backward shifted while: (1) firms burden consumers by raising their prices. (2) the tax burden is borne by workers in the form of lower wages. (3) resource suppliers seek higher factor payments to
Include graphs and should be 15 pages long
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