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Answer each question in 4-6 sentences. Use examples and graphs if needed.
Do you vote? Why or why not? What does the probability of decisiveness suggest you should do?
What are the inefficiencies (social waste) associated with government granted monopolies?
Explain how the U.S. economy may self-correct back to the long-run equilibrium where actual GDP equals to full GDP and there is full employment.
Adam Smith favours a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
Illustrate what are some of the limitations of the national income accounts in how they represent our standard of living.
Distinguish between ongoing demand pull and ongoing cost push inflation. Carefully draw them. Why might it be difficult to establish the extent to which a given rate of inflation is either demand pull or cost push?
Draw a diagram showing the combined labor market for secretaries, nurses, and teachers. Draw a diagram showing the combined labor market for all other fields. In which market is the wage higher? DO men or women receive higher wages on average?
firm competing in a monopolistic competitive market. What conditions exist when economic profits are maximized.
A demand curve that is horizontal indicates that the commodity
Elucidate how a temporary decrease in the U.S. money supply affects the money and FOREX markets. Label your short-run equilibrium point B and your long-run equilibrium.
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
Compare the expected present value of net benefits of US social security for (a) earlier vs. later generations, (b) men vs. women, and (c) people who were married for over 10 years vs. people who were not.
q. 1. suggest how an economist would approach the problem of alcohol abuse. provide two possible solutions to this
What could the FED ( Federal reserve system) do in 2002-2003 in order to bring the economy back to full-employment ? What did the FED actually do ? Explain in detail
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