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1) Another student tells you their grandpa said, "Back in my day, everything was less expensive. A can of Coke used to be 1 penny, now we pay that in tax." How would you respond to this with your knowledge after the reading?
2. Explain in your own words the difference between a GDP per capita of $2,000 compared to $40,000.
3. How does confidence (or lack thereof) play a role in the economy?
4. Explain the recession of 2007/08 . What happened?
5. What is the author's opinion on the American Recovery and Reinvestment Act, or "Obama's stimulus"?
6. List the "vital signs" for an economy and describe why each pertains to recession and recovery.
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
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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
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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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