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Four economic resources
1.What are the four economic resources? How is each resource defined?
2.What is the law of increasing opportunity costs? Why do opportunity costs increase?
3.What do each of the following seek if they pursue their own self-interest: consumers, resource owners, and business firms?
4.In the circular flow model, what are the two markets? What role do households play and what roles do businesses play in each market?
Write a brief explanation of each of the following terms. import tariff, effective rate of protection
Identify trends or other patterns in inflation within the an economy of your choice over the last five years using quarterly data from the Central Bank or other Government based Statistical agency websites as a source.
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
Suppose we have a competitive market for a good with domestic demand and supply given by:
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
The Federal Reserve's publishes the H.3 Statistical Release-Aggregate Reserves of Depository Institutions and the Monetary Base-weekly. Recent releases show that the composition of the supply of total reserves
Elucidate tools used to pursue expansionary and contractionary fiscal policy.
Compute the trucks net book value at the end of its third year of use under each depreciation method.
Compare and contrast the strengths and weaknesses of today's Federal Reserve operating procedures and monetary decision making policy.
Elucidate the fiscal policy also which factors limit its effect.
The table below shows the marginal utility a costumer would get by purchasing various quantities-What combination of the three products should be purchased in order to maximize utility?
Global Widgets Corp is a manufacturing company that builds standardized galvanized metal benches for sports arenas and stadiums-Do you think one of these firms would be more likely to benefit from a de-centralized decision making organizational arc..
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