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(Pitfalls of Economic Analysis) Review the discussion of pit- falls in economic thinking in this chapter.Then identify the fallacy or mistake in thinking in each of the following statements:
a. Raising taxes will always increase government revenues.
b. Whenever there is a recession, imports decrease. Therefore, to stop a recession, we should increase imports.
c. Raising the tariff on imported steel will help the U.S. steel industry.Therefore, the entire economy will be helped.
d. Gold sells for about $400 per ounce.Therefore, the
U.S. government could sell all the gold in Fort Knox at $400 per ounce and eliminate the national debt.
These multiple choice problems belong to Economics. The first problem is about encountering negative returns, the second problem is about competitive firm producing in the long run.
Use a graphical illustration to describe briefly what the influence on the market supply of labour
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
You are the chief economic adviser in a small open economy with a floating-exchange-rate system. Your boss, the president of the country, wishes to increase the level of output in the short run in order to win re-election.
Suppose the price of celeriac decreases from $80 to $60, and the quantity demanded increases from 100 to 150 bushels. What is the price elasticity of demand using the standard percentage formulas? What is the arc price elasticity of demand?
Formulate and solve this exercise to maximize the environmental benefit for the county. The yearly environment benefits for each type of land use per acre are scored as follows:
The point M on the accompanying production possibilities curve depicts the mix of output that is determined by the free market. In your opinion as an economist, where is the socially optimal mix of output Mark this on the PPC as point S
Farmer Brown grows peaches. The average total cost and marginal cost of growing peaches for an individual farmer are illustrated in the graph to the right.
Suppose the governments of two different economies, economy A and economy B, implement a permanent tax cut of the same size. Investment spending in economy A is less sensitive to changes in the interest rate than investment spending in economy B.
Discuss the key criteria for success and the advantages of a central bank adopting the framework of inflation targeting. Consider the features of a desirable monetary policy instrument. Is the size of the Federal Reserve staff good policy instrument?..
Carefully labeling slopes and intercepts
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