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Suppose the government imposes a small carbon tax on automakers. But the price of gasoline has doubled due to a Middle East crisis which has reduced oil production. In the market for autos, these changes mean that supply and demand have both changed with the effect on the demand larger than the effect on the supply. The result is that the price of autos will ________ and the number of autos sold will ________. A) rise; perhaps change but we can't say if it increases, decreases, or stays the same B) rise; increase C) rise; decrease D) fall; perhaps change but we can't say if it increases, decreases, or stays the same E) fall; decrease
Why are coal miners in China paid higher than factory workers even though they have received more or less the same level of education and training? Why are workers with good looks paid higher in some jobs, but not in others?
The steady-state rate of unemployment is U/L = s/(s+f). Suppose that the unemployment rate does not begin at this level. Show that the unemployment rate will evolve over time and reach this steady state.
What do Card and Krueger find regarding the effects of increasing the minimum wage on employment? What is a possible problem with the study? Tell me an economic story that would explain their results.
How does Supply and Demand play a role in economic thinking? What factors influence economics that don't directly relate to it? How does public choice economics influence the market?
Illustrate why are second hand goods not included in the value of national income.
Suppose you start telling your friend about the Price and Wolfers finding that NBA referees appear to be racially discriminatory. Your friend looks at their data, and (correctly) finds that white referees call fewer fouls per 48 minutes on black play..
The cross-elasticity of demand between American eagle and Hollister is 2.3. What does that tell us about the relationship between these two stores?
Compute the percentage change in nominal GDP, real GDP also the GDP deflator.
Why the aggregate demand curve slopes downward. The following graph shows the aggregate demand (AD) curve in a hypothetical economy. At point A, the price level is 120, and the quantity of output demanded is $500 billion. Additionally, as the price l..
According to a customer, a Harley-Davidson motorcycle can make one feel like "the toughest, macho guy on the block." Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a(n) ________.
There are concerns about an increase in unemployment due to the slowdown in manufacturing. a) What effect would an increase in the unemployment rate have on the equilibrium wage?
Now assume that oil prices increase. After the increase in oil prices, the inflation rate in the economy is 9%. Now assume that the federal government decides to increase government spending in order to combat the rise in oil prices. After the increa..
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