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1."During a boom, when inflation is perceived to be greater problem than unemployment, the government can run a budget surplus, helping to slow down the economy," Do you agree or disagree with the statement? Explain.
2. Explain and illustrate using the graph of the labour market and the production function the effect of decrease in labour productivity on potential GDP, the quantity of labour, and the real wage rate.
3. Consider an economy that is operating at full employment. Explain and illustrate using AD/AS model the effect of a decrease in government spending on real income and the price level in the short run and in the long run. (note: clearly explain the process of adjustment from short run to long run)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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