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Please enter your responses below each question. Answer following five (5) questions, using two to three well-constructed paragraphs per concept.
1. Why is a point below the production possibilities curve less efficient than a point on that curve?
2. Distinguish a change in demand and a change in quantity demanded. What are the causes of change in demand and quantity demand?
3. Describe the market process that should occur if the price of a product is below its equilibrium price, and then describe what would occur if the price is above its equilibrium price, assuming that there is no market interference.
4. Identify who is and is not included in the labor force, explain how the unemployment rate is calculated, and list and explain the major types or categories of unemployment.
5. What is GDP? Explain the two main methods used to measure GDP. Why is GDP important?
ECO 4703. Examine causes and consequences of international trade. We will use both the core and new models of international trade as a tool to understand why and how countries trade, what they trade, and who gains from trade.
Compute the trucks net book value at the end of its third year of use under each depreciation method.
1. What is product differentiation. 2. List all the advantages and the disadvantages of product differentiation.
A sharp decrease in housing prices makes people much less wealthy. If the primary effect of this decreased wealth is felt on labor supply, what happens to the level of employment and the real wage rate if the labor supply function is positively re..
Consider an individual aged 22 who is completing a bachelor's degree and is trying to decide whether to continue his education for an additional two years in order to obtain a Master's degree. Expected working life is through age 64.
Show graphically and explain your reasoning. What exactly causes AD and/or AS to shift? What happens to GDP and the aggregate price level? Why?
What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2. What is the growth rate in GDP per capita?
When all people use economic reasoning, incompetence is impossible, because if the profit of decreasing that inefficiency were greater than the expenses, the inefficiency would be eliminated.
Learners are to research the current value and the expected future changes in the following economic indicators:
Evaluate the following policies in terms of their effect on "the greatest happiness the greatest number." (Think about market failures and failures of markets: how do the policies suggested correct problems with the functioning of the market
Discuss the economic conditions of Australian economy associated with the business cycle over the last decade of 2005 and 2015 and discuss the policy initiative for the economy to achieve the full employment level of output.
Elucidate how he should use information on the marginal catch at each lake to accomplish this goal. Illustrate what division on the 40 fishers would you recommend.
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