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1. Describe in your own arrangement of words, the underlying circumstances, conditions, or problem that gives rise to a study of economics. Define the meaning of the word economics and discuss in a short essay the various approaches and systems of economics that have been used in the past, are tried now, and may be tried in the future.
2. Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
3. a. State and briefly explain six goals of the economy on the macroeconomic level.
b. State and explain the goal of consumers as assumed by economist's perspective.
c. State and explain the goals of business firms as assumed by economists in the microeconomic perspective.
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The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
If the MPC = 0.94, C 0 = 45, I = 150, G = 125, T = 75, X = 50 & IM = 60: Write out the consumption function. Compute the simple multiplier.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Changes in government spending and interest rates
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
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