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In The Wealth of Nations, Adam Smith discussed what has come to be known as the "diamond and water paradox":"Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it."Graph the market for diamonds and the market for water. Show how it is possible for the price of water to be much lower than the price of diamonds, even though the demand for water is much greater than the demand for diamonds.
Could anyone find out how the Consumer Price Index (CPI), the primary measure of inflation used by the government, is calculated. Why might this method not reflect the real cost of living increase for the average person.
What was the cross-exchange rate between the Real and the Peso in 2001? Real____/Peso. What was cross-exchage rate between Real and Peso in 2002? Real_____/Peso.
Movie theaters generally charge the same ticket price for all movies with evening show times, regardless of popularity. This pricing strategy causes surpluses for unpopular films & shortages for popular films.
Illustrate what do each of the following seek if they pursue their own self interest: consumers, resource owners, and business firms.
Analyze the factors that influence the banks desired excess reserve ratio, r e . What would happen to the magnitude of r e if:
Analyze in detail using graphical tools what would happen to the number of firms and firm profitability in short run and long run if demand for product falls and if it rises.
Think a country A with a population of 220 people; 200 are working age and 180 are in the labour force. Thirty people are without a job and 30 have a part time job.
Calculate the total money creation in the economy with the help of formula and how the banks create money with the help of given information.
The Wall Street Journal reported that businesses are aggressively pushing customers to pay their bills electronically. Numerous banks dropped their monthly fee for online bill paying,
Assume that the input price increases from $2 to $3 with no accompanying change in productivity. What is the new per-unit cost of production. In what direction would the $1 increase in input price push the economy's aggregate supply curve.
Government imposes excise taxes on goods which have inelastic demand, such a cigarettes.
Suppose that the money market is initially in equilibrium and that money supply is then raised. Explain the adjustment toward a new equilibrium interest rate.
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