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1. explain key microeconomics terminology 2. differentiate between microeconomics and macroeconomics 3. create and use economics graphs and numerical models to analyse and solve microeconomic problems.4. explain the costs and benefits of internatinal trade, including calculation of gains from trade. 5. anayze the implact of government activity in markets. 6. determine optimal consumer buying decisions in the context of utility theory. 7. compare and contrast optimal pricising and output decisions in various market structures 8. apply supply and demand theory to both prodcut and factor markets
as a result of increased tension in the middle east, oil production is down by 1.21 million barrels per day-a 5 percent reduction in the world's supply of crude oil explain the likely impact of this event on the market for gasoline and the market ..
Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment and write an equation that describes the steady state of this economy.
They argue that in most situations, we couldn't avoid nudging even if we wanted to, because whatever pol- icy we choose will contain some set of unconscious nudges and incentives that will influence people.
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
The Labor Market and Minimum Wage
Discuss the effects on a country's current-account balance from the following changes in tax rates. a. A permanent increase in the tax rate on labor income and b. A temporary increase in the tax rate on asset income
Describe the industry and explain the general pattern of change of the particular market model and hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What is the most effective way of decreasing the quantity of drugs consumed
1. a. write down everything you would require durint your preparation for the debate.your preparation should include
teresa and sam need to decide which one will take of work to dig holes. teresa is faster and can do it in 30 min but
A. How would this impact policymakers' ability to use policy B. What would Congress be forced to do during a recession What is the mostly likely impact of the policy
What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
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