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a. The Circular Flow Model with Government is another important model for students to understand. a. Please explain what the model shows us.
b. List and explain the assumptions of the model. i. There are 3 assumptions of the Circular Flow Model with Government. You should be able to list and explain each.
c. List and explain the characteristics of each component – be thorough. i. Government sector – list and explain the characteristics ii. Household sector – list and explain the characteristics iii. Business sector – list and explain the characteristics iv. Product market – list and explain the characteristics v. Resource market – list and explain the characteristics
d. Thoroughly explain how each component of the model interacts with the other components – be thorough. i. Explain how all of the sectors and markets interact with each other. You can do this as part of your answer to part ( c) if you like.
A change in which of the following is least likely to cause a shift of the consumption function?
Danny “Dimes” Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.25 each, he sells 100. At a price of $1.75 each, he sells 300. If demand had the same elas..
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Assume that the demand for oil is D (P, δ) = δ-where the variable δ is an exogenous demand shifter. The short run supply of oil is S(P) = (P-3)/2. The baseline case is δ=6. Assume that this is a free entry market. Calculate the long run equilibrium p..
Review the six economic goals discussed in this section. Then, in a paragraph of at least five sentences, describe the goal you feel is the most important to a country and explain why you feel this way. Be sure to provide at least two logical reasons..
How does the introduction of minimum wage in the US confirm or dispel that minimum wage was never indented to be a living wage? What are at least two specific goals of minimum wage laws and what modern day societal occurrences speak to either proof t..
Professor Fiorina argues that checks and balances cause gridlock in the US political system. However, one of the goals of the Constitution was to allow political minorities to prevent abuses by political majorities. Do you think checks and balances i..
critically discuss the pros and cons of this contractual arrangement vis-a-vis the alternative of outsourcing the teaching to an outside fi rm.
Bank reserves are: currency and customer checking deposits. currency, customer checking and savings deposits. any asset used to purchase goods and services. cash and similar assets held to meet depositor withdrawals or payments.
Consider a firm that produces using only labor and capital. It can produce 1850 units of output by using 4 units of labor and 20 units of capital, or alternatively 2000 units of output by using 5 units of labor and 20 units of capital. If the average..
Calculate the tax incidence of the buyers and the monopolist.
Explain how you would tell the employee and your remaining subordinates.
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