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Thinking back on what you have learned in this course, identify the single most important economic principle learned and explain why it was more significant than any other principle or concept.
Julia’s grade in her history class depends on a term paper and a final exam. Her grade will be the minimum of the two scores. She has 1,200 minutes to devote to her history class, and she wants to maximize her grade. Putting the final exam score on t..
Do you think the government, using both fiscal policy and monetary policy, faces any trade-offs in trying to control for inflation vs. unemployment. What do you believe is more of a problem towards long-term economic growth: persistent inflation or u..
Compute the price elasticity of demand for good X between the two prices on the demand curve. Describe the price elasticity of demand for good X.
What is the tax climate in Kansas? What did the governor do in 2012 and 2013? What are the arguments to support this kind of policy strategy? How has the state’s tax policies affected Kansas as not only a good place to own a business, but also as a g..
When referring to the question of whether the experimental stimulus made some difference in the specific instance under investigation, one is referring to: When referring to the question as to what populations and settings can the observed effect be ..
The following activities would not be included in the GDP: the purchase of a new car, gratuities at a restaurant, and payment to a neighbor for lawn-mowing services. Identify three more examples of transactions that would not be included in the GDP. ..
Suppose the economy is initially in short run equilibrium at a level of output above the natural rate. Use the IS-LM model to graphically show how the levels of income and interest rates change as the economy returns to the natural rate of output in ..
Demand function for tickets for a rock concert has been estimated to be. Determine the values of the price elasticity of demand and the income elasticity of demand.
How much deadweight loss does Great Reception causes when it restricts output and charges a price above marginal cost.
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2,000,000. Ranking the firms’ sales from highest to lowest, we find the top four firms’ sales to be $260,000, $220,000, $150,000, and $130,000, res..
Members of the Federal Reserve Bank, the central bank of the United States, meet every six weeks to adjust interest rates based on economic conditions.
A monopoly is producing a level of output such that marginal revenue is equal to marginal cost. The firm is selling its output at a price of $10 per unit and is incurring average variable costs of $5 per unit and average total costs of $8 per unit. G..
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