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What happens to consumer and producer surplus when the sale of a good is taxed? How does the change in consumer and producer surplus compare to the tax revenue? explain
Describe five non-bank financial intermediaries in the American economy,relate what each one does and how it gets money.
Suppose that the quantity theory of money holds for this economy. Which of the following statements, if any, is true
What is the importance of the World Trade Organization? What are the advantages/disadvantages of WTO member and those non-member? What are the five main operational aspects of a business? Discuss
Explain why industrial regulation exists. Explain how industrial regulation affects the market. Explain the entities affected by industrial regulation in terms of market structure.
Why might even a well-maintained, profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development?
What are government's fiscal policy options for ending severe demand-pull inflation? Which of these fiscal policy options do you think might be favored by a person who wants to preserve the size of
Discuss the impact of rational self-interest on each of the following decisions:
What are weakness for using real per capital GDP to compare living standards between countries?
How do economists distinguish between absolute and relative sizes of the public debt? Why is the distinction important?
A firm has two factories, one twice as large as the second one. As the number of workers at each factory increase, which factory will experience diminishing returns first?
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue. Discuss the uses of elasticity of demand
Illustrate the effect of captial formation by comparing the production possibilty curves, at the present time and ten years in the future, for two economies, one with high and the other with a low r
Develop hypothetical supply and demand schedules for your good or service. Plot the schedules onto your graph and label the curves with D for demand and S for supply.
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not v
Identify economic forecasts for real GDP, the unemployment rate, the inflation rate, and a key interest rate. What do your forecasts imply about the relative strength of the economy over the next tw
A business's strategic choices are limited by economic conditions. When you arrive at strategy class, you will be asked to perform an environmental analysis. Read the Big Drive Auto Scenario.
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the cir
Explain why economic policies aimed at stabilization can actually increase, rather than decrease, the magnitudes of economic fluctuations
Suppose a central bank does not satisfy the Taylor principle. Use a graph to analyze the impact of a supply shock. Does this analysis contradict or reinforce the Taylor principle as a guideline for
Suppose that, during the day, the station owner's demand is given by PD=2.06 - .00025QD. The marginal cost of selling gasoline is $1.31 per gallon. At his current $1.69 price, he sells 1,500 gallon
Graph the demand and supply curves. What is the equilibrium price and quantity in this market? If the actual price in this market were above the equilibrium price, what would drive the market toward t
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue.
For a firm selling its product in a purely competitive market, the marginal revenue product of labor can be found by: