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Classify each good as a final good or intermediate good. (briefly explain wach choice)
1. running shoes
2. cotton fibers
3. watches
4. textbooks
5. coal
6. sunscreen lotion
7. lumber
Now we will analyse how macroeconomic variables fit together and present models which explain the main macroeconomic variables. Using these models we can, for instance, analyse
Minimum wage laws are common in many countries. The debate over minimum wage includes claims about the impact of this action on employment levels and wage levels. What impact does
what measures should be taken to raise the productivity of the workers?
Take a position on the following economic issue in the "yes" or "no" selection, support your position with economic theory and critical thinking skills. ISSUE: Should the Feder
List of major emerging-market economies To determine if the UK is to benefit from growth of emerging-market economies in the future, it should start exporting goods and specif
Does a firm's price equal marginal cost in the short run, in the long run, or both? Explain.
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at
Income and Substitution Effects of a Price Change Indifference curve analysis can be used to separate the income effect (IE) from substitution effect (SE). This is shown in Fig
Let us now see a bit more closely how monetary policy works. See Figure Figure The initial equilibrium at point E is on the initial LM schedule that corresponds to a
What are the requirements for something to be considered money? Why does the dollar have value?
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