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What are the two effects of every price change? Given two goods, "x" and "y", if the price of "x" increases (all else equal), what do each of the effects say will happen to the consumption of "x"? After the change, what can we say about the quantity of "y" consumed?
Which of the following flows from the government to the households, according to the circular flow diagram? A)Goods and services
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
What is property according to Chris Hann and why are property rights the foundation of hunter/gatherer societies as argued by Barnard and Woodburn What is the significance of sharing among immediate-return foraging societies.
why do we consider a business-cycle expansion different from long-run economic growth why do we care about the size of the long-run growth rate of real GDP versus the size of the growth rate of the population
It is believed that fiscal policy is more effective under a fixed exchange rate than a flexible exchange rate. Using the IS-LM model, illustrate and explain this differential impact for an expansionary fiscal policy.
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Indifference theory can explain all rational choices and behavior..Try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money
Assume that the following data characterize the hypothetical economy of Trance: money supply = $180 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, i..
As a result of the situation above what will happen to the unemployment rate,Suppose the government increases the minimum wage, substantially increasing firms labor costs.As a result of the situation above what will happen to inflation,As a result of..
Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars. Currency $..
Calculate the cross-price elasticity of demand and are the goods complements or substitutes
Relates to content and skills covered in Week 7 of the Weekly Study Program, Chapter 32 of Ganset al. (2012). Refer here to the comments given for Week 7 for assistance in answering this question.
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