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1. Suppose there is a permanent decrease in demand for buffet-style restaurants. Explain how you think this would impact profits for firms in that market in the short run, and in the long run
2. Use the concept of externalities to explain why if left to private decisions, the usage of face masks to prevent the transmission of COVD-19 is likely to be inefficiently low
3. Which type of unemployment would you suggest that they most likely belong to? Explain.An international student has just finished their economics degree at The University of Adelaide. Recruiters from government agencies where they have suitable jobs have told her that her CV makes her an excellent candidate for their graduate programs, however she is not eligible for them because she does not have Permanent Residency. She will keep looking for a job in Adelaide at a private sector firm, but is worried that it may be difficult to find one during the current COVID-19 economic crisis.
4. Explain why it would generally not be considered wise economic policy for a government to attempt to achieve a balanced budget every year.
5. Iron ore is Australia's largest export. Suppose that there was an unexpected increase in demand for Australia's iron ore exports globally. Explain what this would do to Australian Dollar exchange rates, and how this would impact other exporting industries, other import-competing industries, and domestic consumers.
How can international trade theory explain intra-industry trade? why might we except intra-industry trade based on scale economies to be less politically controversial than intra-industry trade based on comparative advangate?
Sketch a diagram that illustrates what happened to the Bridgewaters' budget constraint. Could they have been made worse off by the change.
The government in California is increasing minimum wage to $15 dollars and hour, will this cause a surplus or a shortage of workers (labor)? Make sure to include the appropriate Graph and who the potential winners and losers are, as well as provide a..
Productivity growth measures increase in output per hour of work. Output per hour of work was 54.0 in the first quarter of 1973, 75.4 in the first quarter of 1996, and 111.0 in the first quarter of 2010 (2005=100). Calculate the average annual rates ..
Suppose a country has a population of 61 million, of which 37 million are in the working-age population. Of those, 11 million are not in the labor force and 23 million are employed. The labor-force participation rate is
illustrate what are the likely consequences for future economic growth in China and India
Using Object-Oriented Programming (OOP), design a base class Simplemath and derived Addition, Subtraction, Division, Multiplication classes within. The user should have the option (e.g., switch statement, if statement, if else statement, nested st..
If the probability of student X being sick, given that they've come to GMU, is 1%, then what is the probability of student X coming to GMU, given that they
In what instances have Patagonia attempted to transform its supply chain and the broader industry but did not succeed? Why do you think the company failed?
Employers rely on a job applicant's signals:
After a trip to Peru, where you were inspired by the craftsmanship of artisans who make jewelry and decorative artifacts, you decided to establish an import business focusing on their work. How would you determine distribution intensity for your busi..
Given the income equation: $150 = ($10 x Juice) + ($5 x Bread) and the utility function: U = (J.75 B.25) Place Juice on x axis and Bread on y axis. Find both intercept points and solve for and graph a budget constraint for the two goods. What is the ..
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