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A newspaper cartoon shoes a wealthy person standing on a pile of money saying "your greed is hurting the economy!" to a fellow who clearly has no money but arries a sign demanding the minimum wage to be raised.
a) What effects would a binding minimum wage have on a labor market?
b) Suppose the man on the pile of cash earned this through profits. Are profits something that are "added on" to the costs of business, or do they represent something else?
c) Given the answers to (a) and (b), explain whether you agree or disagree with the sentiments of the cartoon.
Use terms for direction and timing to characterize the movement of the nominal interest rate over the macroeconomic cycle. Detail you explanation by reference to the Keynesian transmission mechanism.
A farmer’s field grows 30 bushels of corn and 10 bushels of beans. The farmer can either consume these crops herself or trade them, with one bushel of beans being traded for one bushel of corn. Graph the farmer’s budget which is the possible combinat..
Discuss the differences between accounting profit and economic profit. What does it mean when a company makes zero accounting profit? How about zero economic profit?
q.think of another good that you have purchased recently or you could continue with the good you selected in tda i. be
Compare and contrast the investment decisions that you might make as an individual investment versus a corporate investment. Include both the accounting investment aspect and the financial investment aspect (they are different aspects because they bo..
A local dentist read an article published by the American Dental Association estimating that the elasticity of demand for the representative dentist's services is -2.5. How much should the dentist mark up her price over marginal cost?
q.consider an economy with the following aggregate demand ad and short-run aggregate supply sras schedules.
Calculate the expected annualized compound rate of return over the five years for each bond. Which bond offers the higher expected compound rate of return?
If the government reduced spending on everything, except military spending, the deficit would be reduced stimulating the economy and creating full employment. How is this true?
The elasticity of demand for oil is -0.5 and the elasticity of supply is 0.20. If the demand for oil increases 10 percent, what happens to the price of oil?
If the price increases by 10 percent, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?
A December 2007 issue of The Economist contained the following quote in an article about Germany: "The government has just chopped the payroll tax that finances unemployment insurance, which should encourage employment." Comment on this statement,..
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