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What is the difference between the marginal tax rate and the average tax rate? Explain why a 5 percent sales tax on gasoline is regressive.
Explain the relationship between budget deficits and the national debt. Discuss various ways of measuring the size of the national debt.
What amount of government bonds will the U.S. Treasury issue to finance the deficit?
Could each of the following items potentially serve as money? Consider each as (1) a medium of exchange, (2) a unit of account, and (3) a store of value.
What are the components of the most narrowly defined money supply in the United States? Distinguish between M1 and M2. What are near monies?
Explain the dynamics of the model and why cigarette companies might be pleased with a government ban on all cigarette advertising.
What is the second worker's marginal revenue product (MRP)? If the price per card sold is $5, what is the second worker's marginal product (MP)?
What is the relationship between the marginal revenue product (MRP) and the demand curve for labor?
How does a human capital investment in education increase your earnings? What effect would this legislation have on the labor market for teachers?
Some economists argue that the American Medical and Bar Association. Create an effect on labor markets similar to that of a labor union. Do you agree?
Evaluate the view that governments should never intervene to influence how oligopolists collude or cooperate on such issues as fixing prices and varying output.
Explain verbally statement There is no such thing as free lunch in relation to scarce resources. Which of following decisions has the greater opportunity cost?
Use supply and demand analysis to explain why the quantity of word processing software exchanged increases from one year to the next.
What will be the effect of this competition on the market demand for mail delivered by the post office?
Explain the impact of external costs and external benefits on resource allocation.
What are the advantages and disadvantages of the price system? Why labor union leaders are strong advocates of raising minimum wage above the equilibrium wage.
Suppose a market is in equilibrium and both the demand and the supply curves increase. What happens to equilibrium price if demand increases more than supply?
If the federal government wants to follow a policy of increasing income for farmers, what type of programs will the government enact?
Use a graph to show the impact on the price of Japanese cars sold in the US. Explain the market outcome in each graph and the link between the two graphs.
Its record from 1994 through early 2013 is shown in Figure 5; she needs to provide evidence to back up her conclusion.
What is a foreign exchange rate? Provide a few examples. How is the exchange rate determined in a freely floating rate system?
If the dollar depreciates relative to the Japanese yen, will the Sony DVD. What effect will this have on the number of Sony DVD players that Americans buy?
For several months before your vacation trip to Germany you find that the exchange rate for the dollar has increased relative to the euro.
What is meant by our balance of payments? Explain what current account and capital account are. What is the gold standard? How does it work?
How much were our imports, exports, and trade deficit during the last year? Go to www.bea.gov, click on Survey of Current Business.