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1. Describe in your own arrangement of words, the underlying circumstances, conditions, or problem that gives rise to a study of economics. Define the meaning of the word economics and discuss in a short essay the various approaches and systems of economics that have been used in the past, are tried now, and may be tried in the future.
2. Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
3. a. State and briefly explain six goals of the economy on the macroeconomic level.
b. State and explain the goal of consumers as assumed by economist's perspective.
c. State and explain the goals of business firms as assumed by economists in the microeconomic perspective.
Compute the level of GDP per capita in each country measured in local currency. Compute the marker exchange rate between the currencies of two countries.
Suppose the slope of the consumption function is 0.75 and there was an increase in income of $100. Calculate the increase in consumption.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Which of the following items are included in the calculation of GNP in the UK, and which are excluded?
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
A tariff I ssimply a tax on imports. Use our model of the excise tax (with diagram) to expain why domistic firms request that tariff? Consider both the domestic and the foreign country in your answer
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
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.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Answer the next three questions on the basis of the following production possibilies data for Francia and Galacia. All data are in tons.
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
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