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"If taxes and government spending are increased by the same amount, there will still be a positive effect on equilibrium GDP." Is this statement correct? Discuss by giving appropriate examples of scenario, data and/or diagrams to justify your answer.
Two drivers—Tom and Jerry—each drive up to a gas station. Before looking at the price, each places an order. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says, “…OPEC’s eleven numbers are all developing countries whose economies are heavily reliant on oil export revenues.They therefore seek stable oil pric..
the following questions address some of the price and output decisions faced by firms other than those found in
What is Wonderias opportunity cost of going from point C to point D? Show your answer with a number (use the table above), then wirte a brief sentence explaining why.)
inflation stagflation recession depression expansion and contraction are commonly used terms in economics and the
Your cat just won the local feline lottery to the tune of 3000 cans of "9-Lives" cat food (assorted flavors). A local grocer offers to take the 3000 cans.
Find the interest rate Gene Milton borrowed a sum of $5,000 from his uncle be. After three years, he paid back a sum of $5,000 and paid another $1000 in the following year to pay off the Ioan.
Consider a perfectly competitive market described by the demand function P = 50 - 0.5Q and supply function P = 20 + 0.3Q. Suppose the market is initially in equilibrium. If the government intervenes in the market and imposes of a price restriction of..
Sheila takes out a $20,000 loan over two years with a monthly repayment of $941.5, at an annual interest rate of 18% compounded monthly. Show the first three months of the amortization schedule in tabular format.
What characteristics do you observe in the industry that support this identification? Provide evidence. What does the market type suggest about pricing.
Capitalism is an economic system where production and distribution are performed for profit, which is then distributed to owners and investors.
Some articles may describe a situation where both curves shift. This is not common but it is possible. And do remain focused on what is in the article.
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