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List and define the various measures governments may use to gauge the state of their economies. If unemployment is high, will the growth of GDP be great or small?
Keynesians would likely agree that: A. all unemployment is frictional unemployment. B. if a person isn't working, that's his or her own choice. C. structural and cyclical unemployment are more common than frictional unemployment. D. unemployment is i..
Wheelan (in Naked Economics) states that "the problem with Asian sweatshops is that there are not enough of them." How is Wheelan's statement illustrative of the concept that every market transaction makes all parties better off?
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
Velocity remains constant at 8 and the money supply increases from $200 billion to $300 billion. If real GDP increased by 10?%, then the price level increased by __ ?%?
List the three reasons Adam Smith offered for reason how a group of workers, each specialized in certain tasks, produce so much more than the same number of workers who try to produce the entire good or services by themselves?
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run
The point of minimum average cost is referred to as the capacity of the firm. Yet we draw the average cost curve extending both to the left and to the right of this point. The firm can operate below capacity, but how can a firm operate above capacity..
How was African American military service in WWII similar to their service in earlier American wars? How did the "V for Victory" campaign highlight their differences? What role did African American nurses and pilots play in African American activism ..
Many industrialized countries such as the United States attempt to seriously restrict immigration of production workers, but are more open to immigrants who are highly-skilled. Why might this be the case? Why is this a problem for developing countrie..
Why can it be suggested that the fact that the ratio of skilled labor/unskilled labor has risen in almost all U.S. industries in recent years (and not just in traded goods industries) lends support to the view that increased inequality in the United ..
Which of the following describes the difference between the demand faced by a firm and the demand faced by an industry?
Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Demand curve is ho..
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