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1. How is economics a science?
2. Why do economists make assumptions?
3. Should an economic model describe reality exactly?
4. Name a way that your family interacts in the factor market and a way that it interacts in the product market.
5. Name one economic interaction that isn't covered by the simplified circular-flow diagram.
6. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?
7. Use a production possibilities frontier to describe the idea of "efficiency."
8. What are the two subfields into which economics is divided? Explain what each subfield studies.
9. What is the difference between a positive and a normative statement? Give an example of each.
10. Why do economists sometimes offer conflicting advice to policymakers?
Calculate output, price, total revenue and total profit at revenue maximizing activity level and n at profit maximizing level.
Draw the demand and supply graph for each of the following situations: 1) Sellers drop out of the wedding photography business 2) Gas prices decrease 3) Fans become more supportive of pro soccer 4) Hockey fans experience a decline in income 5) A book..
Could you increase profits through price discrimination? If so, what type of price discrimination should you use?
Trades are seasonal, with higher trades during the spring also summer quarters also lower trades during fall also winter quarters. Which inconsistents of the model are statistically significant.
how much does the total amount of deposits in the banking system increase? By how much does the money supply increase. In the u.s. today, money includes which of the following items federal reserve bank notes in citibank's cash machines.
Kelson Electronics, a manufacturer of VCRs, estimates the following relation between its marginal cost of production and monthly output: MC = $150 + 0.005Q. What does this function imply about the effect of the law of diminishing returns on Kelson's ..
If you want to withdraw $20,000 at the end of three years and $50,000 at the end of five years, how much should you deposit now into an account that pays 8% interest compounded annually?
Should United States government approach favors certain kinds of immigrants. Should citizenship preference be given to the neediest applicants.
In 1975, New York City experienced a fiscal crisis. What were some important economic and demographic (population) factors that contributed to the fiscal crisis
How can the organization use technology to change this balance for an advantage?
More tax revenue is raised if a tax is collected from consumers. More tax revenue is raised if a tax is collected from producers. The equilibrium price after a specific tax will depend on whether the tax is collected from consumers or producers. The ..
Banks manage their assets in a variety of ways. Explain the importance of “liquidity management”? What is the concern of the bank in regard to the liquidity of its assets? Bank Management is becoming increasingly complicated. What are the Four Major..
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