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Describe how supply and demand affect the price of a product.
Which of the following changes would not shift the demand curve for a good or service?
Assume that there are no surprises, with all economic agents and the central bank having full information about shocks that are hitting the economy. Suppose that there is an increase in total factor productivity. What should the central bank do in re..
Suppose the price elasticity of demand for TV is estimated to be 4. What does this mean in term of responsiveness of demand?
Is a strong dollar always good? Is a weak dollar always bad? Who are the winners and losers of an appreciating or depreciating dollar? What are foreign exchange rates all about, and how do they work? What is the Law of the Comparative Advantage? How ..
A successful and stable cartel can be established if there are
Evaluate the federal fiscal policy and monetary policy in terms of the Austrian approach to macroeconomics and the Structuralist Keynesians. While preparing your answer, pay particular attention to their impacts on the national economy and income dis..
How do you explain to your friends that despite making a pro?t, it is too costly for you to continue running your store?
The first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a production possibilities frontier to illustrate society’s trade-off between two “goods”—a clean environment and the quantity of industrial output. What do y..
Why is the Twelfth Federal Reserve district so geographically? large, while the Second Federal Reserve district is so small by? comparison?
The total value added in the production of a final good a. exceeds the price of the final good b. equals the price of the final good c. exceeds the total payments made to owners of productive resources used in the production
What are the major assumptions of the monocentric city model? What are its major predictions? Which of the assumptions do you find most doubtful? Discuss what implications, if any, the failure of these assumptions has on the predictions of the model.
To what extent are performances in competition with one Another? To what extent are opera, theater, orchestral and dance industries in competition?
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