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Supply vs. Demand Shocks
What are the effects of a major union wage settlement on the price level and real GDP? That is, when significant increases in wages or a sudden increase in price of an important raw material, such as oil, occurs. Is this a supply shock, demand shock, or both? Can you think of an example of such an important change?
Which of the following is likely to cause an outward shift of a production possibility curve?
q.to keep gasoline expenses edith as well as mathew agreed to carpool jointly for traveling to as well as from work.
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out ..
One commentator suggested he knew the reason for China's success, writing: "On my visits to China I noticed the finished apartments were so poorly made that they will need to be replaced in less than 15-20 years. This is the secret to their economy. ..
For each of the following assume that the demand curve shifts while the supply curve remains constant. What is the direction of the demand shift and relative elasticity of supply? Prices do not change. Quantity increases significantly. Price falls si..
Suppose that annual income from a rental property is expected to start at $1,000 per year and increases at a uniform amount of $50 each year after the first year for the 10-year expected life of the property. Assume an interest rate of 10%/year. Assu..
Many economists agree that government should deal with monopolists on a case-by-case basis. Policy options include the following, except:
What is neoliberal capitalism? What are its major tenets? How does NAFTA represent these core points? What have been the effects of neoliberal capitalism on the working class?
In a standard supply and demand labour model, firms "demand" labour while workers "supply" labour. Let's think about a labour market that is in equilibrium, with a wage of $20 per hour and with 14 million individuals working out of a total of 16 mill..
You’re given the following individual demand tables for comic books. Calculate market demand. If the current market price is $8, total market quantity demanded is Economic books.
Suppose a country has total GDP (Y) = $10 trillion, consumption = $7 trillion, government spending = $2 trillion, investment = $2 trillion, and taxes = $1.5 trillion. What is the level of net exports or balance of trade? What is the level of public s..
Consider the market for laptop computers. The demand for laptops is Q = 1800 – 3P. Suppose the supply of laptops is given by Q = –200 +2P. What is the equilibrium price of laptops? What is the equilibrium quantity of laptops? What is the price elasti..
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