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Answer the following questions.1. The three central coordination problems any economic system must solve are:[A] what to produce, why to produce, how to produce.[B] what to produce, why to produce, for whom to produce.[C] what to produce, how to produce, for whom to produce.[D] what to produce, where to produce, how to produce.2. An opportunity cost is:[A] easily measured in dollar terms.[B] the highest valued alternative that must be foregone whenever something is undertaken or acquire[D][C] only incurred when important and costly decisions are to be made.[D] not implicit in every decision we make.3. If at some price the quantity supplied exceeds the quantity demanded, then:[A] a surplus exists and the price will fall over time as sellers competitively bid down the price.[B] a shortage exists and the price will rise over time as buyers competitively bid up the price.[C] the price is below equilibrium.[D] equilibrium will be reestablished as the demand curve shifts to the left.4. Macroeconomics is best suited to answer questions about:[A] unemployment among students in this campus[B] why rent is higher in big cities than in smaller ones[C] how fast the overall price level will rise next year[D] the demand for public transportation in Boston5. An example of a good counted in this year's GDP is[A] a share of corporate stock[B] an acre of farmland[C] a used car[D] a new shirt6. If private investment increased by $50 billion while GDP remained the same, which of the following could have occurred, all else being the same?[A] consumption spending decreased by $50 billion[B] exports increased by $50 billion[C] imports decreased by $50 billion[D] net exports increased by $50 billion7. To combat inflation in an expansionary phase of the business cycle, the Fed should:[A] raise the required reserve ratio.[B] increase banks' excess reserves by reducing the discount rate.[C] undertake expansionary monetary policy.[D] increase the money supply.8. Which of the following would most likely cause a recession?[A] Government spending increases and taxes are reduced.[B] Imports rise and exports fall.[C] An increase in consumer confidence and expenditures spending rises.[D] Interest rates fall and investment spending increases.9. If an economy is at equilibrium at potential output and the AD curve shifts out, the economy will move to:[A] an inflationary gap.[B] a recessionary gap.[C] a short term equilibrium.[D] a business cycle.10. Which of the following statements about trade restrictions is true?[A] Tariffs are quantity limits placed on imports.[B] Quotas are taxes governments place on imports.[C] Trade restrictions create higher prices for consumers.[D] Economists generally favor trade restriction policies.Q.11. In most developing countries, there are long lines of taxis at airports, and these taxis often wait two or three hours. What does this tell you about the price in that market? Discuss using supply demand analysis. (200 words)Q.12. Change in Income (∆Y) = $1000 billionChange in Consumption (∆C) = $900 billiona) What is the Marginal Propensity to Consume (MPC)?b) What is the Multiplier?Q.13. Are you in favor of either deficit spending on the part of government or one of a balanced federal budget and budget surpluses?Present your argument and discuss the economic situations when your position can be successfully implemented and when it may be doomed to failure.
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
Marketing mix is controllable set of activities that the firm employs to respond to the wants of its target markets. Make a report on the marketing mix and keep the following questions in mind:
Show the country's production possibility curve.
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
Explain the median housing price in a community
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
What would be the equilibrium quantity and equilibrium price? Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?
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