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Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs (125-250 words).
1. Why is a point below the production possibilities curve less efficient than a point on that curve?
2. Distinguish a change in demand and a change in quantity demanded. What are the causes of change in demand and quantity demand
3. Describe the market process that should occur if the price of a product is below its equilibrium price, and then describe what would occur if the price is above its equilibrium price, assuming that there is no market interference.
4. Identify who is and is not included in the labor force, explain how the unemployment rate is calculated, and list and explain the major types or categories of unemployment.
5. What is GDP? Explain the two main methods used to measure GDP. Why is GDP important?
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
If you could choose to work as many hours during the week as you wanted at a given per hour wage rate, to what level would the per hour wage rate have to be before you would begin to choose fewer hours to work
Other things constant, should your friend continue to operate in the winter months? Be sure to explain to her why she should or should not continue to operate
Suppose that real GDP per hour of work grew by 6 percent last year and the capital per hour of work grew 9 percent. Using the one third rule, by how much did the increase in capital per hour of work increase real GDP per hour of work?
The losers from this devaluation basically considering its limited turn-in period for the old money.
Engineers for the Off Road Skateboard Company have determined that a 10% increase in all inputs will cause output to increase by 5%.
What are the main reasons why countries trade and Are there winners and losers with free trade and export? What is the effect of trade on the unemployment rate in the United States?
Elucidate the need for full disclosure in financial reporting. Identify possible consequences of failing to properly disclose certain items in financial statements.
Appalachian Coal Mining believes that it can raise labor productivity and, therefore, net revenue by reducing air pollution in its mines. Its estimates that the marginal cost function for decreasing pollution
if you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential.
Draw up a payoff matrix to illustrate your strategy and what are the likely implications of this for consumers
Citrus Speculation and Forecasting, Inc., has been recruited by a private consortium of orange growers to predict what will happen to the price and output of oranges under the conditions below.
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