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Discuss what is, and what is not, included in calculating GDP
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variable.
Compute the formula for Bob's indierence curves by setting and compute Bob's MRS as a function of C and P
Investment rejects some of the furnishings because they do not match the plans, and subsequently refuses to allow Justus to finish the work or to col¬lect payment. Could Justus sue successfully for payment for the entire contract.
WHAT SPECIFIC GLOBAL IMBALANCES ARE INDENTIFIED? WHY ARE THESE OF MAJOR CONCERN? WHAT COMINATION ECONOMIC CONDITIONS WOULD WORSEN A HAED-LANDING?
Suppose households become more frugal so that there is a downward shift in the consumption function (decrease in autonomous consumption). Analyze the effects of this change in household behavior on real output, unemployment.
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Explain. A family buys a new refrigerator, Aunt Jane buys a new house, Ford sells a Mustang from its inventory, You buy a pizza, California repaves Highway 101, Your parents buy a bottle of French wine, Honda expands its factory in Marysville, Ohi..
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
What money supply should the Fed set next year if it wants to keep the price level stable and what is the price level? What is the velocity of money?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
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