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1. Suppose Jones and Smith have decided to allocate $1000 per year to liquid refreshment in the form of alcoholic or nonalcoholic drinks. Jones and Smith differ substantially in their preferences for these two forms of refreshment. Jones prefers alcoholic to nonalcoholic drinks, while Smith prefers the nonalcoholic version
a) Draw a set of indifference curves for Jones, and a second set for Smith, with alcoholic drinks on the vertical axis and nonalcoholic on the horizontal axis.
b) Using the concept of the marginal rate of substitution, explain why the two sets of curves are different from each other.
Suppose that as the result of the crisis in Greece, the Euro depreciates against the US dollar. Why should you care when the US dollar strengthens relative to other currencies? Describe the ways this could impact your life and that of your friends an..
You now know everything you need to know to be an informed critic of the Affordable Care Act. Based on all that you have learned, how does the Act measure up to our three goals of 1) increasing quality of care, 2) increasing access to care and 3) kee..
What factors might contribute to low or high growth rates in a country? How can sustainable long-run economic growth rate be realized? What are the roles of the government in achieving sustainable long-run economic growth? What is the relationship be..
Kris borrows some money in her senior year the buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note loan) is for $28,000 and interest is 0.5% per month ..
Another important law in economics is the “law of marginal returns or the law of increasing costs". Discuss in terms of your study in this course, how might you know that you are at a point of diminishing returns, or where more study will not benefit..
1. Which input of production explains the largest share of cross-country income dierences? Which one comes second? Which one third? How do we know?
Use an aggregate demand and aggregate supply diagram to illustrate and explain how each of the following will affect the equilibrium price level and real GDP: Consumers expect a recession. Foreign income rises.
Suppose that you sold a basketball ticket for the SEC tournament for $750. Assuming that you deposit the entire $750 in your bank and that the RR = 10%, What is the total change in checking account deposits?
A simple Keynesian income determination model of an open economy is described by the following equation
Assume the demand for balloons is P=40-2Q. The supply is P=3Q. What is the equilibrium price and quantity? What is producer surplus? What is the consumer surplus?
What does the Coase Theorem say about the two remedies when there are no transaction costs - What is the efficient outcome - for the factory to shut down, to run silently, or to run noisily?
How would best characterize for hybrid autos perfectly competitive. Oligopolistic, monopollistical competitive, or monopolistic? what information in this case supports your choice?
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