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TRUE OR FALSE
1) Economists use the term capital to describe that factor of production that includes human-made resources such as factories, buildings, machinery and tools.
2) A change in the price of hamburgers will shift the supply curve for hot dogs
3) If the price of hamburger rises, we would expect the demand for steak to shift to the right.
4) An increase in real consumer income will shift both the supply and demand curves.
5) Rent controls encourage investment in housing because they bring stability to the market.
6) Price ceilings are designed to protect sellers, while price floors are designed to protect buyers.
7) If aggregate demand keeps shifting rightward month after month and aggregate supply remains constant, the economy will experience a recession.
What do economists mean when they say markets are mutually interdependent? Give an example to support your explanation
illustrates the likely effect on the marketplace for eggs. Indicate in each case the impact on equilibrium cost also equilibrium quantity.
What happens to the price level pt when the money growth rate m changes, holding the current money supply mt constant?
q. if the price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm
If the market demand curve is Q = 100-p, what is the market price elasticity of demand? If the supply curve of individual firm is q = p and there are 50 identical firms in the market, draw the residual demand facing any one firm. What is the residual..
Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm's cost-minimization problem exist? In the case of perfect substitutes, if the ratio of input ..
A profitable company making earthmoving equipment is considering an investment of $150,000 on equipment that will have a 5 year useful life and a $50,000 salvage value. Use a spreadsheet function to compute the MACRS depreciation schedule.
In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on ..
Do the following events represent business transactions? Explain your answer in each case.
Analyze the equilibrium cost and quantity in this case and label it on your graph. Moreover calculate, deadweight loss, consumer surplus as well as industry profits.
It is priced at only $400. Assuming your opportunity cost of funds is 5 percent, which refrigerator should you purchase.
Given the following information about the economy of Pakistan, calculate Pakistan\'s GDP. Note that the currency of Pakistan is the Rupee. Assume that the values are all current and no conversions need to be made.
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