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1. Suppose that the average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will the household be better or worse off under the new program?
2. Which of the following three groups is likely to have the most, and which the least, price-elastic demand for membership in the Association of Business Economists?
a. students
b. junior executives
c. senior executives
3. Explain which of the following items in each pair is more price elastic.
a. The demand for a specific brand of toothpaste and the demand for toothpaste in general.
b. The demand for gasoline in the short run and the demand for gasoline in the long run.
4. Explain the difference between a positive and a negative network externality, and give an example of each.
Illustrate what would you expect to happen to the total expenditures on good X.
Second, Describe two problems with banks as international lenders associated with international debt
Why is universal acceptability such an important characteristic of money? What other characteristics can you think of that might be important to market participants?
Calculate the long-run equilibrium values of r and P, assuming that the potentiallevel of output (Y*) is equal to 3500 monetary units.
Calculate the real GDP in every year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two,
two students are to take an exam an the professor has instructed them that the student with the higher score will
Assume that gross national debt is equal to $3million and the federal government then runs a deficit of $300 billion. what is the new level of gross national debt.
Elucidate the organization/industry reduce production or shutdown their operations? Explain your reasoning.
A monopoly is manufacturing a level of output at which price is $80, marginal revenue is $40, average total expenses is $100, marginal cost is $40and average fixed cost is $10.
Define and identify opportunity costs, fixed costs, variable costs, marginal costs, average costs, and sunk costs, and differentiate between economic costs and accounting costs.
What are the highest and lowest payments from the writer that the beekeeper farmer team will accept for the sixth day Assuming that the beekeeper accepts Assuming that the beekeeper gets the amount,
The question is relates to Economics and it is explain about the deliberate undervaluation of yuan by China. A random thought of whether or not the US should do the same thing has been discussed in the answer.
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