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Every year the typical family on Planet Econ consumes ten pizzas, seven pairs of jeans and 20 litres of milk.
In 2002 pizzas cost $10 each, jeans cost $40 per pair, and milk costs $3 per litre.
In 2003, the price of pizzas went down to $8 each, while the price of jeans and milk remained the same.
Between 2002 and 2003, a typical family's cost of living: Select one:
a. increased by 4.5%
b. decreased by 4.5%
c. increased by 20%
d. decreased by 20%
Which of the following is true of regulation? 1. Regulatory agencies often ignore the secondary effects of their actions and fail to foresee future problems.
Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United States and Japan?
Assume Ireland can produce 4 units of good X or 2 units of good Y. France can produce 3 units of good X or 9 units of good Y. What would be the terms of trade between Ireland and France for 1 unit of good X?
Explain how to describe price elasticity of demand. What are the factors that affect price elasticity of demand.
support the macroeconomic forecast using the real and financial frameworks that irelands unemployment rate will remain
The annual growth rate for the population in the state of West Virginia is one of the nation's lowest at 0.30%. Why do you think other states, for example, Virginia, have nearly four times this growth rate
Provide an example when it would be appropriate to conduct a time-series or cross sectional data. Discuss the potential problems that may arise with your example and identify strategies for minimizing the impact of the potential problems.
A firm can seek any combination of quality and price it chooses. Thus, it can go with a low quality-low price strategy or use one which combines high quality with a high price. Ideally, of course a high quality and a LOW price will be the most pow..
suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete . the firm has fixed costs of $10 million per year and a variable cost of $1 per bag no matter how many bags are produced.
If a nation desires to have stable prices (or low inflation), why not simply pass a law that prohibits firms from changing prices? Explain the pros and cons associated with this case.
(a) Find Carmen Sandiego's utility by maximizing the choice of domestic and foreign travel. Find her utility consuming that bundle. (b) Suppose the price of domestic travel increases to P D = $300 per day. Find the new optimal bundle at this pric..
The authors of the study in Application found that intangible capital became more important relative to conventional capital in terms of accounting for economic growth in recent years. Can you explain their finding?
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