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While referring to the "EYE on YOUR LIFE" section on page 389 of the textbook, discuss the change in the U.S. unemployment rate and inflation rate over the past year based on the Phillips curve concepts. Did they change in the same direction or in opposite directions? Explain if the change was a movement along a short-run Phillips curve or a shifting short-run Phillips curve. Can you think of reasons why the short-run Phillips curve might have shifted? Finally, based on these economic concepts as well as your own point-of-view, discuss and explain what is worse for our U.S. economy, too much inflation or too much unemployment?
The questions asked if a paper mill manufactures $1 million worth of paper this year but adds considerably to the pollutants in a nearby river, are the social expenses arising from this pollution reflected in the gross domestic product?
There is a vast number of hog farmers in Canada. Industry should be a good approximation to perfectly competitive market. The demand for processed pork in Canada is;
A monopolist encounters the following demand curve: P=120-0.02Q-What is the level of production, price and total profits per week?
Compute and interpret the compensating and equivalent variations for this tax.
Utilizing the economists model of individual choice comparing the marginal costs and marginal benefits of a choice.
Determine the Tragedy of the Commons, which gives a contemporary example, and offer a potential solution.
Illustrte what is the put premium on a December 25 PHLX pound contract with an exercise price of $1.81.
Suppose that government purchases reduce by $10 billion, with other factors held constant. Compute the change in the level of real GDP demanded for each of the following values of the MPC.
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
Retirement of baby boomers threatens the Social Security system because number of retirees will be relatively large compared to number of workers remaining by 2020
Elucidate the roles played by total utility and marginal utility.
Is the price elasticity of demand elastic or inelastic for that good or service. Explain how should the company alter the price of the good or service to increase revenues.
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