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1- Think about our economy. Irrespective of economic conditions, we consume many goods and services in various quantities. There is a constant allocation and re-allocation of resources. How does this happen? What economic mechanism helps allocate resources to the preferences of hundreds of millions of people? (Hint: Consumer's sovereignty).
2-n light of the underground economy, and other shortcomings of using GDP as a measuring rod, do you think the government should include estimates of the underground economy in its GDP calculations? Discuss the pros and cons. Use references as needed.
q.suppose that a person regards ham and cheese as pure complements- he or she will always use a slice of ham in
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Include the circumstances of the proposed monopoly and the reason the government stepped in. Predict what would have occurred had the monopoly succeeded.
What is the relationship between a firm's total revenue, profit, and total cost and define economies of scale and explain why they might arise. Define diseconomies of scale and explain why they might arise.
Calculate velocity of money when price level is 10, national quantity of output is $200 billion and money supply is $250 billion.
What are the equilibrium price and quantity. If demand increases to D', what are the new equilibrium price and quantity. What happens if the government does not allow the price to change when demand increase.
Suppose firms compete in quantities. How much does each firm sell in Cournot equilibrium.
You find that your paycheck for the year is higher this year than last. What does that mean that your real income has increased. Explain carefully.
What is the profit-maximizing rate of output for the firm?( b ) How much profit does the firm earn at that rate of output?
Where does this short-run aggregate supply curve intersect the long-run aggregate supply curve that you drew? Just need an explanation of what it woudl look like?
Could the Fed affect the money supply by buying and selling goods or services other than bonds? For example, suppose the Fed decided to implement an expansionary policy.
Illustrate what are the levels of income every worker and consumption per worker.
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