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If the SP curve is steep then monetary and fiscal policy will have a ________ effect on inflation and a ________ effect on unemployment.
large; large
large; small
small; large
small; small
Why is economics considered a social science? What role does economics play in your personal and professional lives?
How do changes affect the equilibrium price and quantity of SUVs if pay increase for workers at car companies. What is the shift in the Supply and Demand Curves and provide a brief explanation of why each change occurs.
The _________________is an artificial unit by which utility is measured. The change in total utility due to a one-unit change in quantity consumed is called _____________________.What is the utility maximizing or optimization condition?
Brazil is the world's largest coffee producer. There was a severe drought in Brazil in 2013-2014 that damaged Brazil's coffee crop. The price of coffee beans doubled during the first three months of 2014. Draw and discuss a supply and demand diagram ..
The European Union has heavily protected its farm sector through import duties; in addition, the Union subsidizes its exports of agricultural products. If “cropland” is regarded as a factor of production and is included in the Leontief statistic (alo..
If the United States and Russia were the only two countries engage in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply and demand?
Subsidies to domestic firms may lead to. What are the market price, the quantity supplied by Mexican producers, Qs, and the quantity demanded by Mexican consumers, Qd, if this market is at equilibrium without international trade.
KMC Incorporated uses 150,000 shafts per month in the production of sets of golf clubs. The cost of carrying in inventory is $0.50 per shaft per year, and the cost of ordering the shafts is $150 per order. The firm uses. Constant rate throughout the ..
“When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business.” True ..
The national debt is now $8,700,000,000,000. If the population of the United States is 300,000,000 what is each citizen's share of this debt? The national debt is rising at the rate of 1.69 billion dollars per day. Explain how much is each citizen..
It is observed that in an area with a lot of illegal immigration, the average wage of native born workers actually increased. Explain how this could have happened, using economic logic. Also, judge whether this is good or bad for the local economy.
A company owns a 8-year old gear hobber that has a book value of $62,000. The present market value of the hobber is $86,000. A new gear hobber can be purchased for $465,000. Using an outsider’s point of view, what is the net first cost of purchasing ..
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