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What is difference between a change in supply and a change in quantity supplied? How the following factors will affect the supply curve? (your answer must be supported by a neat diagram):
1- If costs of raw material increases in the plastics industry;
2- If new technology is introduced in the automobile manufacturing;
3- If OPEC decides to reduce oil prices in the Gulf Region;
4- If government introduces some new taxes in the construction sector.
Suppose that a producer raises the price of a good from $8 to $15, and the quantity sold drops from 250 to 40 units. Is the demand for the good is elastic or inelastic?
Tariffs are more favorable to an importing country than quotas because: Which of the following best defines the business cycle? Suppose that 2000 is the base year used to calculate the CPI. And ethe CPI in the year 2007 is 110. What is the value of t..
Suppose an economy consists of 300,000 individuals 16 years and older, 160,000 are employed, and 18,000 are unemployed but actively seeking work. In this example the labor force is:
What is the situation in the area of trade (use a dollar amount)? What do keakages equal (measured in dollars)?
If France can produce grapes at a lower opportunity cost than any other nation, France is said to have a/n ____________in the production of grapes.
How many people can be catagorized as frictionally unemployed? How many people can be categorized as structurally unemployed? How many people are not in the labor force? What is the unemployment rate? What is the natural rate of unemployment?
Whether a tax is shifted forward or backward depends on the price elasticities of demand and supply. The effect of a tax is the same thing as the incidence of the tax. The principle of comparative advantage is associated with
The (steady state) equilibrium value of output per person in the Solow growth model (Chapter 5) is given by y∗ = A¯^3/2(s¯/d¯)^1/2 (1). Why do you think the technological parameter A¯ enters with a deferent exponent in the equations? Or equivalentl..
Draw Lorenz curves and calculate the Gini coefficient and the coefficient of variation for the income distributions (a)–(f). In each situation, the first set of numbers represents the various incomes, whereas the second set of numbers represents the ..
The Kuznets ratios satisfy the Dalton transfer principle. If the Lorenz curves of two situations do not cross, the Gini coefficient and the coefficient of variation cannot disagree. If a relatively poor person loses income to a relatively rich person..
Joe and Jim purchase vegetables at a grocery store, but Jim also grows vegetables in his back yard. Only Joe’s grocery store purchases are included in GDP. Only Joe’s and Jim’s grocery store purchases are included in GDP.
In an effort to bring inflation down they had set interest rates at 5% in 2018. How should the federal reserve react if they desire to bring inflation down to 3%. When will they achieve that goal? (Hint: maintain plenty of decimal places.)
Illustrate what inconsistent other than price appear ro have the biggest impact on the demand for McDonald's products.
If the world economy expands so that foreign demand for U.S.-made goods increases, in the short run Illustrate what will happen to aggregate demand, the price level, and real GDP in the U.S..
Grandparents decided to start a college fund for their soon to be born granddaughter. They plan to make third first deposit the day she is born and plan to make the last deposit on her 10th birthday. They want the child to be able to withdraw 10,000 ..
Suppose tariffs of $2 were imposed. Calculate the effect on producer surplus, consumer surplus, government revenue and the deadweight loss.
If an allocation of economic resources is not efficient, then some of the potential gains from trade among buyers and sellers are not being realized. Explain why an allocation is inefficient if a good is not being produced by the sellers with the low..
Why might regulatory agencies utilize labor more intensively than private firms? What will happen to the regulatory share of employment if the rate of growth of regulatory employment stays five times higher than overall employment growth?
Illustrate what is happening to the value of the US dollar these days. What causes the value of the US dollar to rise or fall.
q1. in your opinion in your own words should the united states lead globally? explain why or why not?if yes illustrate
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
Suppose a company produces $5M worth of output and has sales of $2M each to domestic and foreign customers. It imports $1 M worth of raw material, pays its workers $3M in wages, pays its creditors $2M in interest, and has minus $1M in profits for its..
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