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Short-answer questions
1. Assume that advances in technology increases the factor productivity of labour and of capital. Explain step-by-set how a new market equilibrium is reached in the markets for each of these factors.
2. What is the 'business cycle' and explain the economic indicators used to determine which phase of the business cycle an economy is in.
3. What is the natural rate of unemployment, and outline the main factors that are thought to influence the natural rate of unemployment.
4. What is the monetary policy (MP) curve, why does it slope upwards, and what factors cause the MP curve to shift?
5. Discuss the main arguments put forward in support of the use of economic stabilisation policies and against the use of economic stabilisation policies.
6. Explain what is meant by the term 'structural budget deficit' and outline the factors that can cause this to occur.
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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