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Economic theories and models are concerned with economic variables and variables are measures that can take on different sizes. Explain how an interest on a student's loan is a variable?
Explain and illustrate using the graph of the labour market and the production function the effect of decrease in labour productivity on potential GDP, the quantity of labour, and the real wage rate.
What do you think about current and projected budget deficit [over 500 Billion this year and coming years] and do you support Bush's economic policy to cut tax and run the Federal government through lending?
Define unemployment. Should everyone who does not hold a job be considered "unemployed" To help with your answer, draw a supply and demand diagram depicting the labor market. What is measured along the demand curve
What are real-world examples of government intervention taxation and regulations? What are the goals of each?
The production possibility frontier will shift outward for all of the following reasons except:- Which of the following best reflects the potential for economic growth of the Indiana economy?
Elucidate how the market for corn would be affected if ethanol, a corn derivative was used to fuel cars in the United States.
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
Can someone explain how an increase in immigration can affect supply and demand of workers in terms of equilibrium and wage and quantity?
Atlantis is a small, isolated island in South Atlantic. The inhabitants increase potatoes and catch fresh fish. The accompanying table shows the maximum yearly output combinations of potatoes and fish that can be produced.
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
Illustrate what are the arguments in favor of trade restrictions, and what are the counterarguments. According to most economists, do any of these arguments really justify trade restrictions.
Consider a developer that has vacant land (90,000 squarefeet of space) ready for building houses in a neighborhood that is desirable because of its superior schools.
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