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1. Explain why scarcity leads to trade-offs.
2. What determines the slope of the consumption choice budget constraint? The labor-leisure budget constraint? The intertemporal budget constraint?
3. Does the economic approach specify what choices people should make? why or why not?
4. What are the three components of the interest rate?
Suppose that Mexican investors decide to pour money (invest) into the US fracking industry. Assume that the US and Mexico have floating currency regimes. Graph the US and HOME starting with BOP=0 at e1. Next, explain and show on the graph the changes..
George is going to replace his car in 3 years when he graduates, but now he needs a radiator repair. The local shop has a used radiator, which will be guaranteed for 2 years, or they can install a new one, which is "guaranteed for as long as you own ..
Write down the budget constraints when young also when old also the lifetime budget constraint for both types of consumers.
What are the three questions that must be answered in order to determine the consumers' willingness to pay in a mixed market of cars with both Lemons and plums?
Suppose that the government levies a tax on oil companies equal to a proportion of the value of the company’s oil reserves. (The government assures the firms that the tax is for one time only.) According to the neoclassical model, what effect will th..
What is the equilibrium level of national product? What is the government's budget surplus?
q1. a fenway park home of the boston red sox seating is limited to 39.000. hence the number of tickets issued is fixed
Suppose there is a bill to increase tax on cigarettes by $1 per pack coupled with an income tax cut of $500. Suppose a person smokes an average of 500 packs of cigarettes per year--- and would thus face a tax increase of about $500 per year from the ..
Suppose several additional junior staff are employed in subsequent years after a new business is established. The owner notices a large increase in the motor vehicle expense account.
Under the household production model, the full cost of any activity equals: Occupational segregation is more likely to explain the: Employer discrimination imposes costs on:
If a monopolist’s marginal revenue from selling another unit is negative, then its total revenue must be __________ and the price elasticity of demand for its product is _______.
A farmer’s field grows 30 bushels of corn and 10 bushels of beans. The farmer can either consume these crops herself or trade them, with one bushel of beans being traded for one bushel of corn. Graph the farmer’s budget which is the possible combinat..
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