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Mastering the economic way of thinking means learning to reason in terms of supply and demand. Here are additional questions on which you can practice. Your answers are less important than the reasoning with which you arrive at those answers. You should probably begin in each case by sketching a small supply and demand graph. Then ask yourself whether the event described would affect the supply curve or the demand curve, in which direction the curve would move, and what effect that would have on the price and the quantity exchanged. Don't be content merely to conclude that the price will rise or the price will fall. Would you expect a large or a small change in price or in the quantity exchanged? You will usually have to supply some information from your own experience. Keep in mind that the answer will often depend on the length of time you are allowing for adjustments to occur. Are you predicting a very short-run effect or are you thinking about the long-run effect?
(a.) Assume scientist discover that eating soybeans prevents cancer and heart disease.(i) What effect would you predict on the price of soybeans?(ii) What effect would you predict on the price of feed corn (which can usually be grown on land suitable for growing soybeans)?(b.) What effect would you expect each of the following to have (or to have had) on the market for domestically grown cotton?(i) Nylon is invented.(ii) The cotton gin is invented.(iii) The boll weevil becomes extinct(iv) Foreign cotton growers bring in an exceptionally large harvest.(c.) Assume that all states adopt a serious no-fault rule to cover automobile accidents, so that it becomes impossible to sue for damages after an accident.(i) What effect would you predict on the cost of hiring a lawyer to draw up a will?(ii) If only one state moves to no fault, what effect would you predict on the cost of hiring lawyers to draw up wills in that state? Would you expect a larger or smaller effect than in the preceding question?(d.) Suppose the dental hygienists of the country persuade everyone to floss at least three times each day. What effect would you predict on the price of dental floss?(e.) If it takes five times as much grain to provide a nourishing diet to people who run that grain through beef cattle before eating it than it takes to provide a nourishing diet to those who eat the grain directly, do those who what beef cause hunger among poor people in the world?(f.) Here is a somewhat different kind of question, one for which you obviously can't supply information from your own experience. Suppose you discover that consumers are currently purchasing 20 times as many widgets as they were purchasing 10 years ago. Would you expect the price of a widget to be higher or lower today than it was 10 years ago? Under what circumstances would you expect it to be higher? Under what circumstances would you expect it to be lower?(g.) What effect would you predict on the price of rental housing in an area if several major new employers set up operations in the area?(h.) If the city council passes an ordinance requiring all apartments owners in a particularly congested area to provide one off street parking places for each apartment that they rent out, what effect would you predict on the level of rents in that area and on the number of apartment units being rented?(i.) If the city council did require provisions of parking spaces but simply prohibited all on-street parking on the streets in this congested area, what effect would predict on the level of rents in the area and on the number of apartments units being rented?(j.) What effect would you predict on the price of gasoline if automobile manufacturers succeeded in doubling the number of miles that drivers can obtain per gallon?
Illustrate what are other significant impacts of globalization on the U.S. economy. World economy.
Compute the employment rate (i.e., number employed: population) in each year? How can employment rate may go up or down in the unemployment rate stays the same? How can employment rate go up if unemployment rate also goes up?
If the United States lost hundreds of thousands of jobs, how is it that NAFTA was a best decision for the US also probably not for Mexico and Canada
the marketplace in which it operates the role of government regulations of company and any issues or opportunities that the Home Depot faces.
As we all know, at current it is illegal for parents who want to adopt a child to pay the birth mother for, or to offer to pay for, the babies they adopt.
According to the Solow growth model, a country that increases its rate of capital investment can overcome diminishing marginal returns to capital and achieve sustained high growth over time.
Assume your expected incomes in years one and two are $60,000 and $70,000 respectively. You have 40,000 in cash in year 0. Market interest rates for one-year loans are 8% in year 0 and 14% in year 1.
Assume the price of every old edition microeonomic book. Determine the values of B and T that maximize Sam's utility.
Illustrate what are the long-run effects on prices, output, and profits in monopolistic and monopolistically competitive industries.
How does an active fiscal policy helps or hinder long-run growth in the economy.
Show such data graphically. Upon what specific assumptions is this production possibilities curve based? If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Describe how the production possibi..
Illustrate what percentage of the CEO's total earnings is tied to profits of the firm.
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