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Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the economy works. Your son has asked you to explain the following concepts and ideas:
1. Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
2. "Invisible hand": What is it and how does it affect the decision-making process in our economic system?
3. Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
4. The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
5. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
What role did Swiss government and politics play in 2001 liquidity crisis and grounding of Swiss air and did the government and politicians act unethically together with the banks.
In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 20%. This change
The large trade deficit that the U.S. has with China persists in part because: the U.S. economy has grown slowly in recent years. China has fixed its exchange rate and not allowed the yuan to appreciate relative to the U.S. dollar.
Find the adjuste balance due at maturity for a 90 day note of $12,000 at 13.9% ordinary interest if a partial payment of $6000 is made on the 60th day of the loan
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005. Year REAL GDP (2000 prices) population.
The currency in Country A, say X, has been strengthening relative to the U.S. dollar; specifically,the average devaluation of the U.S. dollar has been 2.6% per year (which is projected to continue). Assume the present exchange rate is 6.4 units of..
Demonstrate ethical scholarship in accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.
Greece and Spain have introduced tax hikes, reduced paychecks of government workers, and made drastic spending cuts. These actions have caused violent protests. Should the U.S. follow their example.Relate their economic collapse to U.S. current eco..
Explain “free cash flows.” Why do managers like to retain free cash flows instead of distributing it to shareholders? Discuss what mechanisms may be used to solve this problem?
Suppose the economy is at a position below the physical production possibilities frontier but above the institutional production possibilities frontier. In response to this situation, Keynesian economists would propose that government enact.
Suppose one company purchases another company. What issues might occur as they attempt to merge their respective performance management systems?
Assume the government allows the exchange rate to áoat and makes no policy response. To get full credit each of your answers must be supported by the appropriate IS-LM-FX graphs. 1. Foreign output decreases. 2. Investors expect a depreciation of th..
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