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In which of the three basic questions will technology play the greatest role? How would unemployment be shown on the PPF?
As individuals, we all know what scarcity means: not enough time. But for nations as a whole, what does it mean to face scarcity?
Why is it that America uses heavy street cleaning machines driven by one person to clean the streets, while China and India use many people with brooms.
China has experienced levels of economic growth in the last decade that have been two times. Why Has China's high growth rate eliminated scarcity in China?
What are the important differences between the markets for financial securities such as the New York Stock Exchange and your local flea market?
What has been the cause of the rising sales of hybrids? Is this an increase in demand or an increase in quantity demanded?
What has been the impact of the iPod, iTunes, and MP3 players in general on highend stereo equipment production?
Will this have an impact on world energy (oil) prices? What sort of policies or events could alter your forecast about the future price of oil?
Has supply increased? What does the answer to this tell you about the price of these tickets compared to a few years ago?
Assume there is a positive relationship between aging and cholesterol levels. Is this change a change in demand or a change in quantity demanded?
find the input combination that will minimize cost of producing 400 units of Q, using the bordered Hessian to check that second-order conditions are satisfied.
What combination of X and Y will maximize utility? Check that second-order conditions are satisfied by using the bordered Hessian.
If another Great Depression is coming, are you prepared for it? What should you do now to prepare for a future bust?
What is happening to the economy today? What is the inflation rate? What is the unemployment rate? Is RGNP rising or falling?
Who are the policymakers that this chapter talks so much about? What offices do they hold? What are their political and economic philosophies?
What economic policy does the President support? Are these policies designed to fight inflation or unemployment?
Consider the supply of beer. What shape would this supply curve have? Why? What effect would each of these events have on the beer supply curve?
Consider the demand for prunes. What shape would a prune demand curve have? Why? How would each of these events affect the prune demand curve?
When would an increase in demand not result in higher prices? When would an increase in demand not result in higher quantities?
Use supply and demand curves to show how each of the following situations would occur.
How can government act to fight cyclical unemployment? Structural unemployment? Frictional unemployment? Explain how each policy would work.
How would an increase in the minimum wage rate affect the demand for union workers? Should union workers favor or oppose minimum wage laws?
Deflation is the opposite of inflation. Is deflation good or bad? List the winners and losers from an unexpected deflation. Why would each group gain or lose?
Name two government policies that would reduce the inflation rate. What government policies would fight both inflation and unemployment? Explain.
What effect does this raise have on their monthly spending and saving total? What was the Johnsons' APC before the raise? Did it change? Explain why or why not.