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Question, 1a. (i) If there was no item in the economy widely accepted in return for goods and services, how would transactions be made? How efficient would such a system be? (ii) What is the diff
Consider the following IS-LM model: C=c0+c1(Y-T)I=I'M/P=d1Y-d2i a. Solve for equilibrium output. Illustrate the equilibrium in the ISLM diagram. What is the value of the multiplier? - Now let invest
How might the balance of political power in a state influence redistricting when the state loses seats? Why is it important for the U.S. Census to collect population data, especially during each dece
Econ, If the Fed wants to keep real GDP at its potential level in 2015, should it use expansionary policy or contractionary policy? Should its trading desk be buying T-bills or selling them?
Why do long-run elasticities of demand differ from short-run elasticities? Consider two goods: paper towels and televisions. Which is a durable good? Would you expect the price elasticity of deman
A producer of light bulbs claims to have the folllowing production function: Q=10L*G. a) what is the marginal product of labor? or glass? b)Draw the relavant isoquant map and isocost lin
a) Explain why a short run average cost curve only touches the long run average cost curve at one point on the long run average curve. b) Define clearly the concept of returns to scale.c)What are
Do you think lotteries have both micro and macro economic effects or only micro? How do lotteries change what and for whom goods and services are produced?
Suppose the supply and demand for milk is described by the following equations: Qd=600-100P, Qs = -150+150P, where P is price in dollars . Qd is quantity demanded in millions of gallons per year.
About economics and the meaning of 3 economic systems traditional, command, market.traditional i undestand as peooples ecomonic passed down from previoius generations, traditions decide what thes
A publisher of a new novel has spent $250,000 setting the type. The publisher must spend $1 million advertising the new book. It is now ready to print the book. For practical purposes, as ma
Which of the following would NOT be advocated by modern conservatism? a. Free markets b. Small governments c. Laissez-faire economics d. Welfare programs e. Reliance on tradit
The following markets, show whether change causes a shift in supply curve, a shift in demand curve, a movement along the supply curve, and/or a movement along the demand curve. a.housing market
Use the supply and demand model to explain what happens to the equilibrium price and the equilibrium quantity for frozen yogurt in the following cases. There is a sudden increase in the price of
You read in a newspaper that the nominal interest rate is 12 percent per year in Canada and 8 percent per year in the United States. Suppose that the real interest rates are equalized in the two count
Mitchell Electronics produces a home video game that has become very popular with children. Mitchell’s managers have reason to believe that Wright Televideo Company is considering entering the m
In a class of 40 student,18 pass maths, 19 pass account,16 pass economics 5 pass maths and account only, 6 pass maths only, if each student pass at least one of the subject. find the percentage numb
Supply-side economics, during President Reagan’s administration, involved a. the supply component of the supply-demand equation. b. stressing the importance of tax cuts for businesses.
The schedule below shows the level of output that can be produced using different levels of input. A unit of input costs $80 and the fixed costs of running your business are $50. Input Output&nbs
Sales of bottled water in the U.S totaled 16.3 gallons per person in 2004. Water costs .40 cents per bottle.A municipal company provides tap water for $2.10 per 1000 gallons. If the average person dri
The following is a list of figures for a given year in billions of dollars. Using this data, compute: (a) GDP; (b) NDP; (c) NI; (d) PI; (e) DI; (f) Net exports. Transfer payments $ 16
Is limitless growth really possible? What forces do you think will be most important in slowing or halting economic growth?