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Explain the law of demand and draw graphs to support your answer. Why does a demand curve slope downward? What are the determinants of demand? Distinguish between a change in demand and a movement along a fixed demand curve, noting the causes of each.
Please describe the policy suggestions you might have for the Federal Open Market Committee if you were appointed adviser to the Federal Reserve Bank. Imagine the country is experiencing economic slump and the FOMC is not sure what monetary policy ac..
What method of inventory valuation should be used for economic decision-making problems?
Suppose individuals are willing to pay $500 for an airbag that reduces the probability of being killed in a car accident by 0.0001. Calculate the value of a statistical life using the willingness to pay approach. Suppose Joe plans to work for another..
A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively
President and Congress change budget accordingly, but after 18 months, GDP only increased by three quarters of expected amount. Illustrate what factors might be responsible for this situation.
___does not count in GDP numbers until the final product is sold. This is used to change variables from nominal to real: This gov. policy is part of the collection of policies deemed "shock absorbers." This particular policy is used for those recentl..
How did political revolutions in the Atlantic Ocean basin affect or alter the institution of slavery and the lives of slaves? What were the long-term consequences of revolutionary ideologies for peoples of color?
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no change..
You and a friend have each spent $8 on a non refundable movie ticket. Ten minutes into the movie, you both decide that the movie is horrible. Your friend says that you should stay and watch the rest of the movie because you “should get your money's w..
Interview a small business owner and ask him or her about both the positive and the negative role of government in their business. Write a 2 page summary of your interview and include the questions you asked.
Which of the following statements is false in the short run? The long-run average-total-cost curve shows.
Relative poverty might be defined based on the: Assume someone with no income gets $1000 per month in benefits and there is a benefit-reduction rate of 60%. Someone that earns $1200 per month would have how much total income (including wage and benef..
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