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(a) "Lately the price of gold keeps going up and up, and people keep buying more and more. The demand for gold must be upward sloping." Does this statement contain an analytical error? Fully explain your reasoning
(b) What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase? If national income falls, what happens to the demand for pizza? What happens to the demand for pizza if the price of hamburgers increases? What happens to the demand curve for pizza? What are the effects on equilibrium price and quantity of pizza?
(c) Suppose that a big football game is a sell-out on a college campus at a given ticket price of $25.00 and that the quantity demanded far exceeds the quantity of tickets supplied at that price. "Scalping" results. Fully explain this on the basis of supply and demand. What will occur?
State with brief reasons whether the following statements are true, false, or uncertain.
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
Using the exchange rates and prices in the tables above:
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
Leisure-Time boats is a manufacturer of mid-to-high end boats with 12 sales territories throughout the U.S. Sales are generated by salespeople in each territory who develop relationships with boating distributors and related retailers.
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
Assuming that there are only two goods, and the other good (food) is capital intensive, show the equilibrium points of production and consumption in ALFA, before and after trade.
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
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