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Questions:
Q1: Define price ceiling and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?
Q2: Export or Import, what is the option available for a nation if it has a comparative advantage in the production of agricultural produce over the other country? Explain. Why do a group of economists favor the policies that restrict imports? (Minimum Five Hundred words).
Q3: Pick any two principles of economics from Chapter 1 and explain each with an example.
Q4: Take an example of a two-goods economy and explain the concept of opportunity cost with the help of the Production possibility curve (PPC). Also, draw a PPC and explain why any combination outside the PPC is not possible.
Illustrate what are the long-run effects on prices, output, and profits in monopolistic and monopolistically competitive industries.
where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100.
using the same production function as in question 1 assume that total gdp y is growing 4 percent per year the labor
(Short-Run Aggregate Supply) In the short run, prices may rise faster than costs. discusses why this might happen. Suppose that labor and management agree to adjust wages continuously for any changes in the price level.
Assume the firm raised the price to $4.00 while increasing the advertising expenditures by $100. Would this be beneficial. Explain. Illustrate your answer with the demand schedule.
Explain thoroughly the ways of promoting monetary and fiscal policy effectiveness?
Some people claim the “economic way of thinking” does not apply to issues such as health care. Explain how economics does apply to this issue by developing a “model” of an individual’s choice
Explain whether fiscal policy and conventional monetary policy can be useful to solve the problem.
Highlight ways in which Sub Prime Crisis currently affect citizens in the United states of America.
However, there are those who use the stock market for price speculation purposes on different stocks and must be fully watchful for any activities that may impact prices. Outline such activities.
In this exercise you will develop an econometric model to forecast unemployment. The data file USMacro_Quarterly contains data on the unemployment rate from the Federal Reserve Bank of St. Louis. A more detailed description is given in USMacro_Qua..
ECO 301: Economic Theory - Explain the difference between nominal and real GDP and why real GDP is necessary to compare prior years' data - most recent Consumer price Index reported by the Bureau of Labor Statistics.
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