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In 2013 BusinessWeek Online reported that car sales in China had slowed and cited the government's bid to restrict credit to consumers as the reason. Assuming the car market in China can be analyzed with demand and supply curves, what best reflects the change in the market?
A) Supply curve shifts to the left with no change in demand
B) Demand curve shifts to the left with no change in supply.
C) Both the supply and demand curves shift to the left.
D) Both the supply and demand curves shift to the right.
Suppose the economy produces only 2 goods: consumer goods and capital goods (K). Also suppose the economy is operating at full employment. Finally, suppose consumer goods are subject to legal price controls (price ceiling). Use a PPF to show the econ..
Assume that the economy is at the point where the short-run Phillips curve intersects the long-run Phillips curve, and that the Fed decides to lower unemployment. Graphically trace out the short-run and long-run effects of this policy decision. Expla..
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
Show that if this is true (ie that both factors of production are 'rewarded' according to their marginal products) and we add together the total value of real income to all units of labour and the total value of real income to all units of capital..
The demand curve for chicken biscuits is estimated to be: Ln (Q xd) = 100 - .75 ln (Px) - 4 n (Py) + 1.5 ln (M) Where x represents chicken biscuits, y represents chocolate milk and M represents income. If income drops by 2%, holding constant the pric..
If an economy experiences increasing prospect costs with respect to two goods, then the production-possibilities curve between the two goods will be.
Explain how and why trade barriers have come down in recent decades. List the reasons why our trade deficit has grown so quickly since the mid-1990s. What can we do to help bring it down? Explain how international trade (exports and imports) affects ..
A series of quarterly payments of $750 for 20 years is economically equivalent to what present sum, if the quarterly payments are invested at an annual rate of 12% compounded quarterly?
Eastern Hydra system which is manufacturing motorcycle engine budgeted 75,000 per year to pay for certain parts over the next 5 years. If the company expects to spend 15,000 in year 1, how much of uniform increase each year is the company expecting i..
A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why such a statement is self- contradictory.
Can a monopolistically competitive firm producing a good with lots of very close substitutes earn large positive profits in the long run? Please explain.
Compute how this policy affects consumer surplus, and the cost of pollution. Would you recommend this policy.
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