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Graphically illustrate the effects to total surplus of a per unit excise tax placed on an inelastic good. Make sure to clearly(i.e. remember our in-class rule for showing areas) denote which areas make the loss in consumer surplus, loss in producer surplus, the dead-weight loss, and the revenue generated from the tax.
Describe in 100 words or less the condition of “full employment” and explain why, even under the conditions of full employment, there is still a percentage of the labor force who are not working.
What are some contemporary technology issues? How do we learn to accept the social responsibilities of educated citizens in a global technological society?
When we discussed the stagflation of the 1970s. We argued that policy makers should have acted more aggressively with expansionary policies the fight thr recessions that occurred during that time.
Why this statement is wrong: "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply of them was really low.
In the circular-flow diagram, the schematic representation of the organization of the economy.
Discuss why most historians attribute the causes of the Great Depression to speculators, Wall Street, business people, and rich people. Explain why The Banking Act of 1934 (Glass-Steagall Act) was enacted, and describe the effects. Explain why FDR to..
Several years ago, Castles in the Sand, Inc., issued bonds at face value at a yield to maturity of 5.4%. Now, with 5 years left until the maturity of the bonds, the company has run into hard times and the yield to maturity on the bonds has increased ..
Explain how does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.
Suppose households hold $0.30 in currency for every $1 they have as demand deposits (checking accounts). Also, banks hold 20% of their deposits as reserves. If the Federal Reserve buys $10 of government bonds from banks, by how would would the follow..
Globalization has enriched our cultural lives and has brought a number of economic benefits. At the same time, it has also been the source of disruptions, some of them, like lost jobs, quite serious. Discuss the pros and cons of restraining globaliza..
Show graphically and explain in writing how the following demand and supply curves are likely to shift in response to the indicated changes: The effect airline tickets following the lower price for fuel. The effect on the demand curve for Coors light..
Explain demand schedule and demand curve, and how they are related? Why does the demand curve slope downward?
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