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Sketch out a normal business cycle, labeling all the parts and the axes. How might a long implementation lag affect the economy's recovery?
Why is the long-run aggregate supply curve vertical? How does strong economic growth in China affect aggregate demand in the United States?
How do business cycles differ from each other? What are at least three factors that shift the aggregate demand curve?
What is a business cycle, and why are business cycles so difficult to predict? How does aggregate demand- aggregate supply model help us understand economy?
What is the size of the labor force? What is the unemployment rate? What is the natural rate of unemployment for this country?
A consumer drives off with the car. By how much does GDP increase? What is the value added at each step of the production process?
How would increased efforts to count those goods and services affect the calculation of GDP?
Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed. What is the labor-force participation rate?
If healthcare costs make up 10% of total expenditures and they rise by 15% while components in consumer price index. By how much will the price index rise?
What are the roles of profits? How are profits and losses calculated? How much should a firm produce?
Explain what happens when local governments set the meter price too low. Why do you think the price is set below the market- clearing price?
Will more people be able to attend the games? Explain your answer. Will certain teams and events be affected more than others? Provide examples.
Determine whether the federal minimum wage of $7.25 an hour provides enough income for a single full- time worker to escape poverty
If the demand for blueberries increases, what will happen to the size of the consumer and producer surplus?
Determine the consumer surplus from the original purchase and the additional surplus generated by the resale of the cannon.
Why do most economists oppose attempts to control prices? Why does the government attempt to control prices anyway, in a number of markets?
Does a binding price ceiling cause a shortage or a surplus? Provide an example to support your answer.
Explain how consumer surplus is derived from the difference between the willingness to pay and the market-equilibrium price.
What are consumer surplus and producer surplus? When is a market efficient? What effects do price ceilings have on economic activity?
How is monopolistic competition like competitive markets? How is monopolistic competition like monopoly?
Explain why a monopoly is a price maker but a perfectly competitive firm is a price taker.
What are the necessary conditions for a perfectly competitive market to exist? Why do competitive firms earn zero economic profit in the long run?
How much do monopolies charge, and how much do they produce? What are the problems with monopoly? What are monopolistic competition and oligopoly?
If a one-day pass costs $40 but the two-day pass costs $50, what is the average cost for the two-day pass? What is the marginal cost of the two-day pass?
What role does diminishing marginal product play in determining the ideal mix of labor and capital a firm should use?