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How could inflation make people turn to exchange by barter? Why do virtually all societies create something to function as money?
Assume all taxes are collected. Is the Government experiencing a budget deficit in equilibrium? Why is the economy experiencing a trade deficit?
As an economic advisor to the president, you have been asked to discuss cap and trade issues at the next cabinet meeting.
Which politician do you think is talking about nominal GDP and which one is referring to real GDP? Why do you think this?
Draw a supply- and-demand diagram to show the effect of this policy on the price of cheese and the quantity of cheese sold.
Analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government in
Explain which type of unemployment you think is most directly affected by the size and duration of unemployment benefits.
Two drivers -Tom and Jerry- each drive up to a gas station. Before looking at the price, each places an order. What is each driver's price elasticity of demand?
The US has used the foreign borrowed money inunproductive expenses - What some of the US unproductive expenses? Provide at least three examples.
The second grant is sponsored by the federal government. Assuming that your non-profit is risk-neutral, which grant should you apply for?
Why do you think the average American is better or worse off as the result of the economic activities of these individuals? Explain your response.
There is an overall increase in income. What are the effects of government intervention in the cell phone market?
In 2010, U.S. investors purchased $50 billion in foreign assets, and foreigners purchased $100 billion. What was the net capital outflow for the United States?
Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers and the quantity.
What is the effect of your new product or product line on productivity, trade, and economic growth?
What is the law of comparative advantage? According to law of comparative advantage, what should be distinguishing characteristics of goods a nation produces?
Why do we observe deficits or surpluses under flexible rates? Does this tell us something of the management of the rates?
How can government objectives such as the maintenance of full employment hinder the functioning of the gold standard?
Assume the following gold prices have been declared by the central banks. Calculate all possible exchange rates between the currencies.
What happens to the exchange rate, and how does this compare in magnitude to the change in US GDP?
Why would the balance of trade and the exchange rate necessarily improve from inflation that is higher than in other countries?
Can all countries collectively enjoy a surplus or must all surpluses and deficits cancel against each other? What does gold mining mean for the world's balance?
Why are transactions giving rise to the demand for a country"s currency recorded as debits or credits in the balance of payments?
What is the range of short term rates that have occurred in the United States? The range of long-term rates? What is a typical value for each?
Construct a game in strategic form to analyze the choices of Ivy and State, and identify the equilibrium/equilibria.