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When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because: a. The supply of land is fixed. b. The supply of land is perfectly inelastic. c. The quantity supplied of land does not increase when rents go up. d. All of the above.
Imagine you are an international monetary fund official going to a country whose export earnings are not able to pay for imports. The government has requested a loan from the IMF. In which areas would you recommend the government to cut: education, s..
Which of the following is NOT true about a differentiated-product Bertrand duopoly?
Suppose that TFP and the population of an economy are constant over time and equal to 1. Assume that everyone works and the labor input just equals the population. Assume that the capital stock in 2014 is 1. What is the amount of saving (and, hence, ..
Suppose the demand for Coca-Cola increases due to a change in consumer tastes. Ceteris paribus, the equilibrium price should _______ and the equilibrium quantity should _______.
mustard and mayonnaise are substitutes. mustard and relish are complements. mustard is a normal good. during the summer
Suppose a consumer’s preferences over goods 1 and 2 are represented by the utility function u(x, y) = (x+ y)^3. Draw an indifference curve for this consumer and indicate its slope.
Elucidate the evidence that supports these recommendations and how your recommendations might need to be modified for the alternative economic futures
Our current corporate climate requires companies to extend credit to one another. Under what circumstances would you see this changing? How do credit managers manage the risks related to extending trade credit? Aside from late or non-payment, what ot..
A substitute good is a determinant of supply. Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency. Equilibrium is a state of balance between supply and demand. For economies that rely on..
What would be drain on U.S. GDP (as a percentage) from paying interest on net foreign debt. What if net foreign debt were 100 percent of GDP? Size of its foreign debt.
A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes. What happens..
How did invention of crack cocaine transform the urban street gang. According to the data cited in this chapter, civil rights laws and a shift in the attitudes in the United States regarding race helped to improve the status of black society. How d..
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