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Explain the relationship among household disposable income, consumption, and savings. What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving? Use an example to explain MPC.
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function." Use examples to illustrate your response.
What impact would you expect each of the following events to have on business cycles? Label each as a demand-side or supply-side shock.
What economic policy changes might you expect in response to each of these events?
Explain the following statement: Any deviation from planned output or planned expenditures (Consumption + Investment) will throw the economy into disequilibrium. To illustrate your explanation, provide an example of how actual output might deviate from planned output and how actual expenditures might deviate from planned expenditures. List any economic reactions might you expect in the examples you provide.
Suppose we start at a position where we are at full employment. Explain what effect a contractiory fiscal policy would have on the price level and real GDP starting from full employment equilibrium. What would the effect be if we had and expansionary..
Many would consider the US Postal Service a publically good. Is this assumption valid.
Briefly state and evaluate the problem of time lags in enacting and applying fiscal policy. How might "politics" complicate fiscal policy How might expectations of a near term policy reversal weaken fiscal policy based on changes in tax rates
Identify and list all factors that impact the level of consumption. Select one factor of consumption and explain what would be the impact on the whole economy if that factor of consumption had declined.
Illustrate what is the gain for a nation that results from specialization in the production of products for which there is a comparative advantage.
Tests are supervised by skilled mechanics utilizing equipment produced by two leading competitors in the auto test equipment company
Market analysts often use cross-price elasticities to determine a measure of the competitiveness of a particular good in a market.
Explain why might the unemployment rate tend to actually underestimate the unemployment problem, especially during a recession.
In the market for organs for transplant, such as kidneys and hearts, the price is constrained to equal one. Opposition to any type of remuneration for donating organs has been all but absolute from physicians and legislators.
In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm ..
What are the FC, ATC, AFC, AVC and MC at these output levels?
Think about Trade. Country A takes 20 minutes to make a car, and 15 minutes to make a computer. Country B takes 30 minutes to make a car, and 20 minutes to make a computer. Total work time is 1 hour. If trade begins who exports and who imports
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