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In the textbook, there are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents the flows as an open system. Review the diagrams and write a three to five page length paper that:
Defines and explains a closed system and provides an example.
Explains the inner and outer flows of a closed system.
Defines and explains leakages in an open system.
Provides a personal example of a leakage, describes it and explains it.
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in the market for milk Choose one answer. a. The equilibrium price and quantity rise. b. The equilibrium price rises and the equil..
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers are reduced to two or three competitors. Do you think thisis good for the economy
Evaluate the impact of the proposal to cut prices on total revenue, totalcost, and total profits - Price and Output Determination:Monopoly and Dominant Firms
Dr. Susie Wang is president of a subsidiary of the world's largest concrete machine manufacturer (REESE, Inc.). Her job is to organize and operate a newly formed global business consulting company (Concrete Network Services, i.e., CNS)
although the country produced several types of commodities goods and services in the year 2003. but this countrys
How does a decrease in demand for movie tickets affect equilibrium in the market for movie tickets and what is the marginal cost of producing the second car?
If growth in labor supply is a source of economic growth, then we should just open our borders and let everyone immigrate to the U.S. Agree or disagree? When it comes to labor what matters for economic growth?
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to lower price
Most macroeconomists believe it is a good thing that taxes act as automatic stabilizers and lower the size of the multiplier. However, a smaller multiplier means that the change in government purchases of goods and services, government transfers
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