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1. D&Z Dry Foods Distributions specializes in the whole distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in the morning's Wall Street Journal indicating that incomes of individuals in the lowest income brackets are expected to increase by 10 percent over next year. While the manager is pleased to see this group of individuals doing well, he is concerned about the impact this will have on D&Z Dry Foods. What do you think is likely to happen to the price of the products D&Z Dry Foods sells? Why? Explain
2. Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be most persuasive of all: "The laws of supply and demand indicate that higher cigarette prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce demand for cigarettes. This reduction in demand will push the equilibrium price and quantity back to its original level. Since the equilibrium price remains unchanged, smokers will consume the same number of cigarettes" Do you agree or disagree with this view? Explain.
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
Make an example of a comparative advantage model by 'choosing two countries and two products.
For several years, Palm was the dominant manufacturer of PDAs (personal digital assistants). However, a number of other manufacturers have since entered the PDA market.
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
Suppose Congress wishes to reduce the budget deficit by reducing government spending. Use the IS-LM model to illustrate graphically.
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 5 percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real interest rate?
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
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