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When analyzing a market, how do economists deal with the problem that many factors that affect the market are changing at the same time?
What causes a movement along the demand curve? What causes a movement along the supply curve?
Consider the demand for hamburgers. If price of substitute good increases, can you tell for sure what will happen to the demand for hamburgers? Why or why not?
Define the type of market structure prevailing in the South African grocery market with reference to the above characteristics.
If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?
Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?
What would be another example of a system in the real world that could serve as a metaphor for micro and macroeconomics?
Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram.
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be?
Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries.
Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level?
Analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do?
Suppose Alphonso's town raised price of bus tickets to $1 per trip. Draw Alphonso's new budget constraint. What happens to the opportunity cost of bus tickets?
What are the similarities between a consumer's budget constraint and society's production possibilities frontier, not just graphically but analytically?
calculating way described by the economic model of decision making, measuring utility and costs at margin, but can you make case that they behave approximately.
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be considered a positive or normative statement?
Why would a research study on the effects of soft drink consumption on children's cognitive development be considered a positive or normative statement?
Explain why individuals make choices that are directly on the budget constraint, rather than inside the budget constraint or outside it.
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Draw a graph to illustrate why discrimination could result in female workers getting paid more than male workers for some jobs.
Describe the effects of increasing the amount of income redistribution in Canada to the point at which lowest income group receives 15 percent of total income.
what the information provided in the news clip implies about the effects of income redistribution policies on income gap between richest and poorest Canadians.
How have changes in Employment Insurance changed the income gap between the richest and the poorest Canadians?
Describe two ways of determining inequality and its trend. Describe and compare the scale of income redistribution in Alberta and Prince Edward Island.