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This is hard to explain because the law of demand says that higher prices should lead to lower demand. Do you agree or disagree? Explain your answer.
Critics argue that because the subsidy is a payment to farmers, it will reduce costs and lead to lower prices. Which argument is correct? Explain.
Explain briefly using supply and demand curves to illustrate. Some argue that scalpers work to the advantage of everyone and are efficient.
Explain what determinants of household demand contributed to the decision by GM to significantly reduce production of its large trucks and SUVs.
In the winter, which is the peak season for coats, the price of coats is typically higher than it is in the summer.
Illustrate supply- and demand-side strategies using supply and demand curves. Which results in higher rents?
What measures were being proposed by the Presidential candidates in the election of 2008 to prevent or end a recession in 2008-2009?
Many of the expansionary periods during the twentieth century occurred during wars. Why do you think this is true?
Explain briefly how macroeconomics is different from microeconomics. How can macroeconomists use microeconomic theory to guide them in their work?
What is measured along the labor supply curve? What factors determine the quantity of labor supplied by households during a given period?
How the reduction in supply from reduced fishing waters either increase or decrease consumer surplus and producer surplus, and show these changes graphically.
What are the reasons? Similarly, if it is higher than $4, what has happened to drive up the price? Illustrate with supply and demand curves.
What is the equilibrium price and equilibrium quantity? Calculate consumer surplus and producer surplus, and identify these on the graph.
How might you construct a measure of the change in the price level? What additional information might you need to construct your measure?
The Economics in Practice describes prosperity and recession as they are depicted in literature. Did the United States enter an economic expansion? Explain.
A recession occurred in the U.S. economy during the first three quarters. How is it possible that output rises while at the same time employment is falling?
What is the most recently reported unemployment rate? How has the number of payroll jobs changed over the last 3 months and over the last year?
What is the unemployment rate in your state today? What was it in 1970, 1975, 1982, and 2008? Do you know or can you determine why?
The unemployment is part of the natural rate and need not concern policy makers. Discuss that statement and its relevance to the economy today.
In thinking about the economic distress experienced during a recession which is the most important: high unemployment or falling GDP?
The restaurant sold all the wine to customers for $45 each. For the total wine production, calculate the value added of Larson and of the restaurant.
What do you see in the data? Can you tell by reading newspapers or watching cable news whether the country had entered an expansion? Explain.
Do you think these costs should be included in GDP? Why or why not? How could GDP be amended to include environmental damage costs?
How is housing treated in the National Income and Product Accounts? Specifically how does owner occupied housing enter into the accounts?
Write a paragraph or two describing the events or the economic conditions in one of the countries. Explain why they are growing or not growing rapidly.