Reference no: EM131218458
Macroeconomics Problem Set # 1
Laughlin
Answer the following questions completely. Be sure to define you economic terms and use graph when appropriate.
What is the fundamental problem in economics? How does that problem drive the choices that societies make? Given this problem, what economic systems have developed? Explain in an essay. Be sure to define your economic terms.
Given the market for Teslas, illustrate (that means graph!) how the following events would affect the supply ordemand for Teslas. Which non-price determinant caused the shift of demand or supply? What happens to price and quantity after the change?
a. The price of gas (a substitute) goes up significantly.
b. The Consumer safety board issues a statement that Teslas have the tendency to explode.
c. There is a automotive workers labor strike and half of the Tesla workers walk off the job.
d. There is a large tax increase that affects American consumers (assume that Teslas are normal goods).
e. The price of plastic increases significantly.
What is the argument for government intervention in pollution abatement? Use the theory of negative externalities and graph to explain your answer.
In what way is the GDP measurement important? What are the strengths and weaknesses of National income accounting?
Use a Production Possibility Frontier model to illustrate a student's limited time for study. Suppose a student has 10 hours to study and her study possibilities are as follows:
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Economics (pages of text read)
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0
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10
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20
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30
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40
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Math (problems solved)
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80
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60
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40
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20
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0
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Construct a Production Possibility Frontier, be sure to label your axes. What is the opportunity cost of one math problem in terms of reading pages of the econ text? What happens to the graph if the student gets a calculator that makes her twice as fast in solving math problems, but it does not affect econ. How is economic growth represented on a Production Possibility Frontier graph?
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What was the amount of net income or loss for the year
: Assuming that Hardin engaged in no transactions during the year other than those listed above, what was the amount of net income or loss for the year?
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What is your race and ethnicity
: Do you sometimes miss out on key or important national events, family issues, career or social experiences when you are driven by the desire to keep your sexual or romantic relationship? How often do you use a condom whenever you have sex?
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Consider the demand for money
: a) Graphically illustrate and explain the impact of an increase in real GDP and simultaneous financial innovation on the demand for money. State all assumptions.
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Explain and analyse the main environmental factors
: Explain and analyse the main environmental factors that might affect a new product launch and the role of the sales force in ensuring that the launch and its role - out programme is a success.
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Economic terms and use graph when appropriate
: Answer the following questions completely. Be sure to define you economic terms and use graph when appropriate. What is the fundamental problem in economics? How does that problem drive the choices that societies make? Given this problem, what ec..
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Journalise the transactions for the month of june
: Transfer the trial balance numbers to the beginning balance of Ledgers(General Ledger sheet). Journalise the transactions for the month of June. Journal descriptions are not required.(Journal entries sheet), Post the journal entries to the General Le..
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Demand for gasoline in the present
: Suppose there is news that indicates gasoline supplies might suddenly become disrupted by a truckers union strike. What you expect would happen to the demand for gasoline in the present?
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Explain the concepts of expansion and recession
: 1. Define business cycle and explain the concepts of expansion and recession 2. Identify (plot out) using Gapminder World ( https://www.gapminder.org/world/ )the business cycle for the U.S. and any other country of your choice (in the same graph). ..
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Research the topic effects of caffeine on memory
: Research the topic : "effects of caffeine on memory".- . In what four ways can having research purposes aid research?
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