Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem 1: Specialization is a fundamental need of a developed economy. Describe what is meant by specialization and outline the benefits it brings and the problems it makes.

problem 2:

a) By using a simple demand and supply diagram describe what is meant by the term equilibrium price.

b) Consider the reasons why the demand for a product might raise even though the price remains constant.

problem 3:

a) Define and describe the term monopoly.

b) Describe why monopolies might be considered undesirable.

problem 4:

a) Name and in brief describe the rewards given to each of the four factors of production.

b) Differentiate, by using a suitable diagram, between economic rent and transfer earnings.

problem 5:

a) Define the word national income and in brief describe the three methods by which economists measure Gross Domestic Product (GDP).

b) Describe the main uses of national income statistics.

problem 6:

a) Adam Smith stated that taxes must be equal, certain, convenient and economic. Describe this statement.

b) State the main kinds of direct tax and consider the merits and demerits of raising tax directly from income.

problem 7: Describe the meaning of the term protectionism as applied to international trade and assess the reasons why a government might use protectionist measures.

problem 8:

a) Differentiate with illustrations between visible and invisible trade.

b) What is meant by deficit on current account of the balance of payments and how might a government seek to decrease such a deficit?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M94744
  • Price:- $70

Priced at Now at $70, Verified Solution

Have any Question? 


Related Questions in Microeconomics

The economy is full employment now the government wants to

The economy is full employment. Now the government wants to change the composition of demand toward investment and away from consumption without, however, allowing aggregate demand to beyond full employment. What is requ ...

Short answer amp essay questionsyou must complete two short

Short Answer & Essay Questions You must complete two Short answer questions and one Essay question All answers must be in the form of a paragraph (minimum of 5 sentences per paragraph). Please select from below: Short An ...

Assignmentlearning objectives covered1explain 3 ways the

Assignment Learning Objectives Covered: 1. Explain 3 ways the statement of goals, application of rewards, and institution of discipline affect and motivate ethical behavior in individuals 2. Demonstrate how roles and aut ...

Question 1which of the following has not been identified as

Question 1 Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Cons ...

Assignmentwhat are the most important knowledge assets at

Assignment What are the most important knowledge assets at Dirt Bikes? What functions and employee positions are responsible for creating, distributing, and using these knowledge assets? Are all of these assets explicit ...

Meqa assignment 2its been three weeks since you started

MEQA Assignment 2 It's been three weeks since you started working for BioMed and there's still no trace of Selwyn. That means you're still BioMed's resident economic expert. Harry the CEO was pleased with your earlier wo ...

Milestone projectmilestone one propose organization for

Milestone Project Milestone One: Propose Organization for Analysis In Module Three, you will select the organization you would like to analyze in part two of the final project using the U.S. Securities and Exchange Commi ...

Instruction please answer all questions all questions carry

Instruction: Please answer ALL questions. All questions carry equal marks. Please do not write over 2000 words for the entire assignment. 1. a. Using the graph shown, analyze the effect a $300 price ceiling would have on ...

Intermediate microeconomics assignmentexercise 1 -

INTERMEDIATE MICROECONOMICS ASSIGNMENT Exercise 1 - Capturing surplus using a block pricing Consider a monopolist facing a linear demand p(q) = 20 - q, and marginal cost MC = 2. a) If the monopolist charges the same pric ...

Assignmentfirms use inputs workers machinery natural

Assignment Firms use inputs (workers, machinery, natural resources) to produce outputs (goods and services). For example: General Motors uses steel, rubber and other materials to create automobiles. A pizza restaurant tu ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen