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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.
Suppose that 60 percent of the voters in a particular region support a candidate. Find the probability that a sample of 1,000 voters would yield a sample proportion in favor
From California to New York, legislative bodies acrosso the United States are considering eliminating or reducing the surcharges that banks imppse on non customers who make
Three women are having breakfast: the CEO of a life insurancecompany, the CEO of a mortgage company, and a retired CEO. The morning paper has a headline:“Inflation rates expec
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply an
Run the model by copying the formula in the t = 1 row all the way down to the t = 30 row. Complete the table. How long did the model actually take to converge to the steady-
Vera, a single individual, receives $18,000 of dividend income and $38,000 of interest income from tax-exempt bonds. Vera also receives Social Security benefits of $16,000. Wh
1. Consider the following AS-AD short-run framework. Assume that up to period t = 2000 the economy has been resting at the long-run equilibrium (Point A). The Fed. decides a
Assume a country is in a flexible exchange rate regime. Now suppose that the world interest rate falls. Discuss what the policy makers must do to maintain the pegged exchange
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