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In March 2002 the retail price of gasoline was $1.19 per gallon- exactly the same as it was in August 1990. Yet, total gasoline production and consumption rose from 6.7 million barrels per week in 1990 to 8.7 million barrels per week in 2002.
With the aid of a supply and demand diagram, briefly explain how these two phenomena could simultaneously be true.
Which of the following believes that modeling of economic markets is too complex to model effectively? Which of the following is most closely associated with "supply-side" economics? Which of the following is schools of thought dominated the economi..
Measuring performance: If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment:
What jobs do you think have the best mix of salary and other characteristics that individuals care about?
How much oil conservation (from switching to smaller cars, carpooling, etc.) will a $0.50 per gallon tax on gasoline achieve? Are taxes on wealthy citizens of the United States too high?
Suppose the government increases expenditures by 120 billion dollars while increasing taxes by 120 billion dollars, and mpc = 0.8. Assume that there is no crowing out, or acceleration effects. What is the combined effect of these changes on GDP? In o..
Suppose that the manager of a paint supply store wanted to estimate the correct amount of paint contained in one-gallon cans purchased from a nationally known manufacturer. It is known from the manufacturer’s specifications that the standard deviatio..
The inverse demand for health care services is P = 500 - 40 Q where P is the price and Q the quantity of health care. The price of services is $100 but insurance covers 80% of it. What is the efficient quantity of health care? What is the DWL when pe..
Economic regulation involves government intervention in certain industries to make sure that there are fair practices that are being exercised. Both quotas and tariffs protect the domestic market and it protects domestic producers. Air pollution is a..
What is the minimum number of comparisons needed for sorting an array of 4 distinct numbers?
A 10 percent reduction in price that leads to a 2 percent increase in total expenditures indicates a price elasticity of demand greater than 1. If the percentage change in price is less than the resultant percentage change in quantity demanded, deman..
A consumer receives income y in the current period, income y' in the future period and pays taxes of t and t' in the current and future periods, respectively. The consuer can borrow and lend at the real interest rate r. Use diagrams to determine the ..
Can you think of a product that is a large part of your budget where the price elasticity of demand is very low? Why is it so low? In estimating demand functions, what is the most important thing to remember? Why?
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