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We focus on how key economic principles affect the way a society goes about making decisions that maximize the utility from its limited resources.
1. Because of the fundamental problem of scarcity, we have to weigh options carefully before making a decision. Think about a major personal action you will be taking in the near future or have taken recently. Review the steps in "the economic way of thinking" and explain how you would apply its methodology to obtain the best possible decision. Provide specifics as much as possible.
2. Economists often compare variables to determine the nature and extent of their relationships so that they can anticipate outcomes from changes in related variables. The relationship can be positive or negative. For example, the number of hours of exercise and a person's blood glucose count has a negative relationship. Better stated, for every additional 10 minutes you walk, your blood sugar decreases by 22 percent. Describe a pair of economic variables with a positive relationship and a pair with a negative relationship. Explain the extent to which they change in response to each other and the importance of their relationship to economics. Focus on "economic" variables only and use some numeric values to make your examples more meaningful.
Suppose following the "Brexit", Germany decides to quit the Eurozone and issuesits own currency. The population of Germany is 50 in each generation. Eachyoung German wants money balances worth 50 goods.
The impact of changing from a federal income tax to a federal consumption tax would be:
An increase in the aggregate demand for goods and services will result in an increase in the amount of output firms are willing to produce, and this increase in output will be accompanied by: a. a decrease in the inflation rate.The long-run aggrega..
Ying threatens not to work on the project. For Ying's threat to be credible, what is the smallest number of hours that Xavier must contribute to the project? How much time does Xavier contribute? Does Ying work on the project?
two types of consumers workers and retirees share a community with a polluting cheese factory. the pollution is
Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of prod..
Define the natural rate of unemployment and what is the GDP gap if the level of unemployment is 4% above the natural rate?
How might a developing country's decision to reduce trade restrictions such as import tariffs affect its ability to borrow in the world capital market?
What is meant by the Marshall-Lerner condition? How does a currency depreciation affect a nation's balance of trade?
Consider the situation of the concept of Green energy policy and conservation. What is the issue at hand and what are they hoping to do Explain. What are the anticipated benefits of using the electric cars and the new florescent light bulbs
During the Civil War, one of Lincoln’s first actions was to blockade ports, which prevented trade. The South had to increase its production of munitions and food.
Please explain what inflation targeting strategy means very briefly. Why and since when has the Central Bank of the Republic of Turkey been implementing that st
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