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How does microeconomics relate to macroeconomics? Determine whether each of the following statements is normative or positive.
Which group of economic decision makers plays the leading role in economic system? Which groups play supporting roles? In what sense are they supporting actors?
In 1990, the U.S. government imposed a 10 percent taxon certain luxuries such as pleasure boats. What does this implyabout the size of the elasticity of demand?
Why is the United States more like a pure capitalist system or more like a pure command system?
In response to an influx of illegal aliens, Congress made it federal offense to hire them. How do you think this measure affected US production frontier?
Under what conditions is it possible to increase production of one good without decreasing production of another good?
Sketch a graph to illustrate the relationship between the price of a pizza and the number of toppings for up to 5 toppings.
Suppose plant biologists develop a new type of potato that increases. Show how the new production possibilities curve would differ from the original.
Try to determine how smoothly the transition is proceeding. What problems is that nation encountering?
The United States is best described as having a mixed economic system. What are some elements of command in U.S. economy? What are some elements of tradition?
Draw your PPF for studying and partying. Label the points where the PPF intersects the axes, as well as several other points along the frontier.
If the supply of capital falls by 10 percent and the supply of labor increases by 10 percent, explain how will the PPF for wheat and cloth change?
Provide some examples of specialized markets or retail outlets. Disucss what makes the Web conducive to specialization?
You can either spend spring break working at home for $80 per day or go to Florida for the week. Find What's your opportunity cost of going to Florida?
Was this bumper crop of students caused by a greater expected return on a college education or by change in the opportunity cost of attending college? Explain.
Some examples of rationing devices are auctions, ration coupons, and first-come, first-served systems. What are the strengths and weaknesses of each?
Listed below are several policies or events that affect the performance of the economy.
Suppose that you have highly non convex preferences for ice cream and olives like those given in the text. List the choices for the optimal consumption bundles.
If the funds can be invested at 9.6% compounded annually, how much should his initial investment be?
What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set.
What is the longest delay tolerable between the start of exploitation and the start of oil delivery: i.e., how far in advance is it worth proving out reserves?
The distance between the points (3,1,2,4) and (4,6,5,?) is 200. What can be said about the value of?
Why did more economists not warn the public of the possibility of financial collapse? Should economic theory be revised as a result of this apparent failure?
How does the Great Recession compare to the Great Depression in terms of the causes, severity, and scope of the economic downturn?
What were the immediate causes of the Great Recession? What were the longer-term trends that hinted that a dangerous economic imbalance might be building?