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1. Recently there has been discussion in the news about taxing junk food (soft drinks, for example) in an effort to reduce the incidence of obesity in the U.S. Do you think the demand for junk food is elastic or inelastic with respect to price.
2. Thinking back to the discussion on the state of the macroeconomy, would you describe the economy as booming, recovering, or in recession during the last few years? Why? Use the AD/AS model to illustrate this graphically. Which curve do you think caused the change? Explain your reasoning.
3. Economists have long known that free markets are perfectly efficient. Consider Q1 in the graph, above. How much do consumers value one more unit of output (Q1 + 1)? How much do producers value one more unit of output? Use the concepts of consumer surplus and producer surplus to explain why Q2 is more efficient than Q1. Now use the concept of total economic surplus to explain why the equilibrium quantity is the most efficient. Why would Q4 be less efficient than the equilibrium quantity?
Economists often argue that a temporary increase in government purchases -say for military purposes-will crowd out private investment. Use the saving-investment diagram to illustrate this point, explaining why the curve(s) shift. Does it matter wh..
Summarize the major accounts in the balance of trade, and explain how they balance out - Explain where the US balance of payments an entry would be recorded.
Maria is flying a kite. If the kite string is 90 feet long and the string makes an angle of 65 degree with the ground, how high, to the nearest tenth of a foot, is the kite? (Assume that Maria is 5ft tall)
Explain how Germany OR Denmark has sought to have both some elements of security and flexibility in their labour markets. How far have these policies implemented the EUs principles of flexicurity?
What role does monetarism have in current monetary policy? Has Monetarism been an effective tool for conducting monetary policy?
Illustrate what is the economic growth rate equal to. Write down your math calculations. Show to 6 decimal points.
Select an article in a newspaper or magazine that discusses a government policy on goods or services.
For each of the following situations, determine whether the money supply will increase, decrease or stay the same. i. Depositors become concerned about the safety of depository institutions ii. The Fed lowers the required reserve ratio
How does this rationing method influence the incentives of individuals to supply goods, services, and resources to others?
Changes in the price of a good or a service causes movement along the demand curve of that good. State four factors that cause shift of the demand curve of goods and services.
Assume that the total cost function for a single firm in a purely competitive industry is given by following equation:
Explain how has technology changed the balance between automation and labor. What type of industry benefits the most from technological innovation.
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