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Consider this quote: “The cost of hiring a freight-liner (container ship) to carry products around the world has collapsed in recent months. If this is any guide for the global economy, the picture is looking stormy. The fundamental problem seems to be huge excess supply in the container shipping industry and some businesses are struggling to survive.”
a. What does the quote mean by “stormy”? [Consider a world circular flow diagram]
b. If the above is true, discuss how this could be represented in the Circular Flow diagram for the US?
Describe the profit-maximizing amounts of electricity to produce at the two facilities, the optimal price, and the utility company's profits.
elucidate the effects of such expectations on the following variables today: output (Y), nominal interest rate (i), exchange rate (E), investment (I) and trade balance
You have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on current developments.
On the accompanying graph, illustrate (A) nominal per capita GDP and (B) real per capita GDP for each year. (The necessary data appear on the endpapers of this book.) By what percentage did nominal per capita GDP increase in the 1990s? By what percen..
Suppose that a monopolistically competitive restaurant is currently serving 240 meals per day (the output where MR = MC). At that output level, ATC per meal is $13 and consumers are willing to pay $17 per meal. What is the size of this firm’s profit ..
Illustrate what is most X that can be produced? most Y. Illustrate what is formula for opportunity cost of X in terms of Y in this economy.
In 2014, Thomas Piketty came out with a popular book, “Capital in the Twenty-First Century.” In it was a model not unlike the Solow growth model, discussing the long-run implications for the capital-to-income ratio, k/y. The traditional Solow growth ..
The Saudi Riyal remains stable in comparison to the US Dollar. What are the reasons for this stability? Explain with examples. Do you expect that current revenue and expenditure patterns will affect the value of the Saudi Riyal in relation to the US ..
If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.
Economies of scale and dis-economies of scale? What do these terms mean, when do they occur and how do they differ? Can you provide an example of economies and scale and dis-economies of scale.
More than one million people travel by car from the suburbs to downtown Chicago each weekday. The commute using interstate highways (i.e. expressways and tollways) averages 90 minutes one way. Using side streets, the same commute takes only 60 minute..
Consider a survival game in which a large population of animals meet and either fight over or share a food source. There are two phenotypes in the population: one always fights, and the other always shares. Draw the payoff table for the game played b..
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