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1. What is meant by the term "utility" and how does it relate to purposeful behavior?
2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
3. What are economic resources? What categories do economists use to classify them? Why resources are also called factors of production? Why are they called inputs?
4. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph.
part of the normal process of economic growth and development; the unemployment is part of the natural rate and need not concern policy workers. Discuss that statement and its relevance to the economy today.
Calculate the trade balance. Calculate GDP. Calculate GNI. Calculate net factor income from abroad. Calculate the value of current account. Calculate GNDI. Calculate national savings for U.S.
Indicate whether or not you believe the ribbon, introduced in Office 2007 and still used in Office 2013, increases the efficiency for users. Then, determine whether or not you believe other applications should include such features as Microsoft Of..
What is division of labor society and how does it give rise to a science like economics? Name and explain two ways that the division of labor increases the productive capability of an economic system.
Using the simple Keynesian model to assess the implications for equilibrium GDP and the level of savings of an increase in the savings function. What eventually happens to the level of savings? What would happen to equilibrium income if there is a su..
The crowdedness of the city is fixed, and has no relationship to the distance from the central business district. In other words, as we go further and further from the central business district, the level of crowdedness of the apartments remain un..
Discuss the role that increasing life expectancy over the last century has on the types of diseases and conditions affecting mankind.
Can you make a decision of what part of the business cycle the U.S. economy is currently in? Why? What factors lead you to this conclusion? You may want to do additional research of sources to reach a conclusion.
Under what conditions would the government choose to implement expansionary fiscal policy. How does expansionary fiscal policy affect Aggregate Demand. Use an example from U.S. history to illustrate how expansionary fiscal policy affects the econo..
Assuming a monopoly market with Q = 8 has a demand curve of (P = 68 - 2Q) and a supply curve of ( P = 20 + 2Q), (Please show all your work): 1) What is the monopoly market price and quantity?
Explain what happens to inflation and unemployment during the business cycle.
Now what will your price be? How much deadweight loss will your firm created? After the election, you decide your firm is not making enough money. So you hire the lobbying firm C&E. C&E are able to convince regulators that you should set your pri..
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