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Explain why each of the following statements is Uncertain according to economic principles. Use diagrams where appropriate
When the economy goes into recession a government that is interested in shortening the duration of the recession should "tighten its belt" and reduce spending to match the decrease in its tax revenues.
Neoclassical growth theory implies that a $100 million investment in a poor country (one with a small capital stock) will increase GDP in that country by more than a similar investment in a rich country.
In the short run changes in GDP can be thought of as stemming from changes in the employment rate of labour, while in the long run, changes in GDP can be thought of as stemming from changes in the labour force and/or changes in labour productivity (output per employed worker).
Summarize the differences between the four market types. Provide a general explanation of how business may maximize profit within each market type.
Other things the same, in the Solow model in the steady state, a higher rate of population growth ________ growth rate of output per worker.A higher rate of saving at the national level will, in the long-run ________.
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
The most prominent benefit offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour.
What is the effect on the price of a recordable CD and the quantity of recordable CDs sold if a. The price of an MP3 download rises? b. The price of an iPod falls? c. The supply of CD players increases?
Based on their public statements, many policy makers would support government regulation of oil markets in order to compensate for the exhaustibility of oil as a resource. Is this reasonable from an economic stand point.
A new taco making equipment that is same in size and expense to hog dog carts has encouraged more street vendors to begin selling tacos.
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
The Milwaukee Brewers are playing their archrival Chicago Cubs.Bleacher tickets for the game were sold out and many fans would have attend if tickets were availiable.
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
If the dollar appreciated in real terms against the euro by 2 percent in a year, and in same year, inflation rates in the U.S. and the euro zone were 3 percent and 1 percent,
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
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