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According to this week s lecture, there are two types of inflation (demand pull and cost push). Which countries are experiencing a demand pull inflation? ? You may need to complete additional research
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifferen
By specializing in the production of particular goods in which it has a comparative advantage, a nation is:A) less likely to make efficient use of available resources.
Explain how inflation affects consumption in a cash in advance model (with transfers). What causes this to happen and explain how a government collects revenue via seigniorage
Explain how Ricardian Equivalence works and explain how to get the quantity theory from the equation of exchange
Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
People who want to work but have stopped looking for work because they could not find jobs after actively searching are called
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Use the national income identity GDP= C + I + G + X to explain what a current account deficit(negative net exports) means in terms of domestic spending, production, and borrowing
What will this do to the demand curve? Of the available list of things in the text that causes a change in demand, which best fits here as the cause of the demand shift?
What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses?
Copy the budget line and indifference curve I2 on your answer sheet. Suppose the prices of good X decrease by $2 per unit. Sketch (as accurately as you can) the new budget line in the diagram and indi
If the cost of producing Newton’s Donuts is constant at $0.15 per donut, should they reduce the price and thereafter, sell more donuts (assuming profit maximization is the company’s goal)?
Draw the cheese market for the United States showing the world price as the price for this market. How much cheese does the U.S. import at the world price?
When the product demand curve is Q = 130 - 20P, and price is increased from P1= $4 to P2= $6,the arc price elasticity of demand is:
Evaluate the statement: Restricting imports from other nations will save U.S. jobs. Include both advantages and disadvantages in you argument.
Assume you are a U.S. citizen and currently you can exchange $180 (USD) for 125 GBP (British Pounds). What is the indirect quote relating the USD to the GBP?
What are the distinguishing characteristics of “public goods”? Give two examples of a public good. Why are public goods difficult for markets to allocate efficiently?
What is shirking? If the managers of a firm are attempting to maximize its profits, will they have an incentive to limit shirking? How might they go about doing so?
What must an entrepreneur do in order to introduce a new innovative product? What determines whether the new product will be a success or failure?
Is annual money income a good measure of economic status? Is a family with an $80,000 annual income able to purchase twice the quantity of goods and services as a family with $40,000 of annual income?
Tariffs not only reduce the volume of imports, they also reduce the volume of exports
What is the graph of the production possibilities frontiers for the American and Japanese economies if American worker can produce 10 tons of grain a year and Japanese worker can produce 5 tons a y
But in the off-season, when the kids are back at school, one can find rooms for as little as $60 a night. Assume the average fixed cost of a room per night, including local government rates, insura