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1. Suppose the Department of Agriculture ordered all farmers to reduce the acreage they plant by 10%. Would you expect a 10% reduction in food production? Why or why not?
2. The text argues that the increase in gasoline prices had a particularly strong impact on low-income people. Name some other goods and services for which a sharp increase in price would have a similar impact on people with low incomes.
3. Suppose that the United States and the European Union impose a price ceiling on crude oil of $25 per barrel. Explain, and illustrate graphically, how this would affect the markets for crude oil and for gasoline in the United States and in the European Union.
Suppose that the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000.Family A has an income of $40,000 and Family B has..
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
Assume a country is in a flexible exchange rate regime. Now suppose that the world interest rate falls. Discuss what the policy makers must do to maintain the pegged exchange rate. What is the effect on domestic output, exports, and imports. Show gra..
List the basic characteristics of pure monopoly, monopolistic and oligopoly competition. Under which of these market classifications does each of following most accurately fit?
Find the equilibrium quantity and price. What is the total health expenditure on the services considered in the demand-supply functions?
Explain the households budget line and its relationship to the indifference curve.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Suppose that there are 1,000 hot-pretzel stands operating in Toronto.Each stand has the usual U-shaped average total cost curve.
Suppose that an raise in a household's disposable income from $40,000 to $48,000 leads to an raise in consumption from $35,000 to $41,000,;
E-books and the paper book versions of the same books are substitutes. Assume that copyright holders originally demand a higher price for e-books than for paperback books. Then they relent and allow publishers to sell e-books for a lower fee.
Explain the most important economic, political or social issue facing the United States.
Which fiscal policy choices are preferred, by an individual who prefers a small public sector (limited role for government), for solving inflationary and recessionary gaps?
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