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Give the descriptive terms for the following statements.
1. An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next
2. When a nation's total output of good and services increase over time
3. When there is too much money and it becomes worthless
Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium.
Jabba Company uses the cash method of accounting. Jabba received a computer from a customer as payment for a $2,000 bill. Can Jabba avoid recognizing income because it received payment in a noncash form? Explain.
QD= 60-10P and QS=10P 2$ impose the tax So the per pirce
Suppose that the economy starts at equilibrium and the mpc = 0.8.What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete?
In the 1990s Japan reduced its exports of automobiles to the United States by 28 percent. If you were the manager of a US car dealership, explain how would this affect your pricing strategy.
Suppose an adverse productivity shock reduces the marginal product of labor to MPN = E(360 - 4N)/30. How would your answers to parts (a) and (b) change?
Suppose a profit maximizing firm's short-run cost is TC = 700 + 60Q. If its demand curve is P = 300 - 15Q, calculate the short run?
Explain why this strategy may in fact, be rational Also, identify at least two other strategies that might permit Argyle to earn higher profits.
Explain the difference between fixed production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology.
1. suppose the marginal benefit mb of national defense is mb 1000 - 10q where q measures units of national defense
what is the fiscal and montery policy actions in saudi arabia since the start of the global financial crisis from
United States has absolute advantage over many countries in production of most goods and services. Yet, the country is running the record trade deficit year after year. The current trade deficit is about six percent of the country's GDP. Is it a ..
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