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Define the terms potential output, expansionary gap, and contractionary gap. Why might actual output exceed potential output (an expansionary gap)? Why might actual output be lower than potential output (a contractionary gap)?
Bulls Eye department store specializes in the sales of discounted clothing, shoes, household items, etc. similar to the offerings at a regular Walmart or Target. Bulls Eye is the only department store in Show Low and the nearest other discount retail..
Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. Illustrate what is the price elasticity of demand for movie tickets. Could price elasticity be somewhat overestimated from these figures.
What are some of the top reasons of consumers reporting lower life satisfaction, even though their purchasing power has recently increased?
The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment: Does this imply that the majority of Americans would rather be unemployed in a period of stable prices than employed in a time ..
Some people will argue against using either monetary or fiscal policy, instead supporting a laissez-faire approach to the economy. The well-known economist Milton Friedman, for example, believed in the permanent income hypothesis and was also a monet..
Suppose you earn a home remodeling company. You are currently earning short run profits. The home remodeling industry is a CONSTANT-COST industry. In the long run, what do you expect will happen to A. you firms cost of production. Explain. B. The pri..
The country of Dobermania has 20 units of labor and 3 units of land, while Malta has 80 units of labor and 7 units of land. Is Dobermania labor abundant? Is Dobermania land-abundant? If wheat is land-intensive and cloth is labor-intensive, what is th..
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Why do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental p..
Explain how the Whig party collapsed in the 1850s over the competition with "Slave Power." How did the party's collapse transform American politics, via the Republican party and the elections of 1856 and 1860? Make sure to cite any direct quotes.
How does gold exemplify characteristics of a good currency? Yes, why is gold money, and how could gold be used as money today? Explain how exchange rate equilibrium is set in the currency markets. Use any of the theories that we learned.
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