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A- Please explain Allocative Efficiency and how the point of AE is found. i. Define it, ii. Discuss the significance of allocative efficiency relative to the model iii. Explain the 2 step process for finding the point of allocative efficiency on the PPC.
B- On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth?
C. The Presentville – Futureville case: 1. Explain what motivates each group to make decisions. 2. Explain the impact of those decisions on the future of each group. 3. Explain the relevance of this case for the U.S. Economy.
D- What does this case teach you? . Law of increasing opportunity cost: 1. What does it tell us? 2. How could it be explained graphically? h. Explain how you could use the Production Possibility Model to represent the US Economy during 2008 – 2010.
A Spanish can either produce 3 liters of win or 1 kilos of cheese. A Portuguese worker can either produce 4 litres of win or 12 kilos of cheese Which countries have absolute advantages in which goods? Which countries have comparative advantages in wh..
Briefly explain the difference between economic forecasting and business forecasting. What is the best economic tool to help the leaders to see future better than others economically 6 to 9 months before the cycles of the business cycles of the US ec..
Why is a financial crisis likely to lead to a contraction in economic activity?
q.why cant all the balance of payments accounts be in surplus? what factors determine the demand for british pounds in
In this table below, Agoira moves from a command system to a market system
Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.
In 2008, cruise ship lines announced they were increasing prices from $7 to $9 per person per day because of increased fuel costs. According to one analyst, fuel costs for Carnival Corporation's 84-ship fleet jumped $900 million to $2 billion in 2008..
Which of the following is the best example of a monetary target that a central bank might adopt as monetary policy conduct?
number of items dry cleaned and p is the price of each item in dollars. What price will he sell services at?
The supply and demand for foreign -exchange is considered to be derived schedules. Explain and give examples.
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Define and explain the difference between normal goods and inferior goods. Provide two real world examples of each good from your own personal or professional life.
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