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Write down causes of economies and diseconomies of scale. Show relationship between economies of scale and number of firms in an industry.
Define the utility maximizing rule. Use utility maximizing rule to find out a consumer’s spending when given income, utility, and price data.
List four major determinants of price elasticity of demand. Explain how a change in each of the determinants of price elasticity would affect the elasticity coefficient.
Describe the view of self-correction held by mainstream economists. Write down three reasons why higher wage could result in greater efficiency.
Explain the absolute size of debt and relative size as a percentage of GDP. Explain the annual interest charges on the debt, who holds debt, and impact of inflation on the debt.
Write five reasons for increasing returns in the New Economy. Provide four positive side effects to New Economy besides improved living standards.
Describe the Laffer Curve concept and name three criticisms of this theory. Differentiate between demand pull and cost push inflation using aggregate demand aggregate supply model.
Write down the principal assets and liabilities of the Federal Reserve Banks. Describe the cause effect chain between monetary policy and changes in equilibrium GDP.
Calculate the size of the monetary multiplier and the money creating potential of the banking system when given with suitable data.
Explain seven functions of Federal Reserve System and show which role is the most significant. Explain and evaluate the arguments for and against the Federal Reserve System remaining an independent in
Distinguish between expansionary and contractionary fiscal policy. Describe expansionary fiscal policy and its effects on an economy and Federal budget.
Point out the determinants of supply curve’s location. Describe how the market economy moves to equilibrium price and output level.
Explain the relationships between multiplier and the MPS and the MPC. Explain how personal taxes affect equilibrium GDP.
Describe what you mean by a business cycle. Explain the four phases of an idealized business cycle.
Illustrate out the meaning of a perfectly competitive market and in brief describe the main situation essential for a perfect market to exist.
Describe the principles of comparative advantage, terms of trade, and gains from trade. Explain four ways in which governments interfere with free trade among nations.
Name and describe nine significant characteristics of American market system. Explain how the market system answers each of these four fundamental questions.
Describe the concept of equilibrium price and quantity. Describe the effects of changes in demand and supply on equilibrium price and quantity.
Summarize the general relationship between investment and economic growth. Write down the major features of a market economy and a command economy.
Distinguish between positive and normative economics. Describe and provide examples of the fallacy of composition and post hoc fallacy.
Critically investigate the dissimilar measures of economic development. Elucidate using diagrams why a 10% raise in investment leads to a higher percentage raise in National Income?
What measures can a government take to ensure that the advantages of economic growth trickle down to the poor? What is endogenous growth theory and what are its policy implications?
To what extent can political business cycles describe the size and composition of public expenditure? A perfectly competitive firm is better than a monopoly firm in terms of economic efficiency.&
According to you, how best does the Theory of Purchasing Power Parity illustrate exchange rates? What are the factors affecting exchange rates in long run?
What are the disadvantages and advantages of monopoly market? Is Protectionism always advantageous? Discuss and explain with aid of examples.