Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem 1) Difference between a country's Gross National Product (GNP) and its Gross Domestic product (GDP) is:

(a) GNP refers to production within nation whereas GDP refers to production by domestic factors no matter where they are located.
(b) GNP is always bigger than GDP.
(c) GDP refers to production within the nation whereas GNP refers to production by domestic factors no matter where they are located.
(d) Two of the above are true.

problem 2) Which of the following is true:

(a) Much of the trade of European Union (EU) countries is with EU countries.
(b) Industrialized countries tend to trade relatively little and largely with developing countries.
(c) Developing countries in Africa and South America tend to trade the most and largely with themselves.
(d) All of the above are true.

problem 3) Which analysis by economists refers to attempt to answer problems like find the effects of a tax on production and consumption decisions?

(a) Positive
(b) Negative
(c) Normative
(d) Investigative

4-6 problems based on the given PPF.

2427_PPF.jpg

problem 4) Relative price of S (in terms of T), PS/PT, is:

(a) 2.
(b) ½.
(c) 500.
(d) 1000.

problem 5) Relative price of T (in terms of S), PT/PS, is:

(a) 2.
(b) ½.
(c) 500.
(d) 1000.

problem 6) If relative price of T were to increase, then price line will:

(a) shift out in a parallel fashion.
(b) shift in a parallel fashion.
(c) become steeper.
(d) become flatter.

problem 7) In autarky, when community maximizes its standard of living, its consumption point is:

(a) below the production possibility frontier.
(b) on the production possibility frontier.
(c) above the production possibility frontier.
(d) can’t tell without more information.

problems 8-10 based on the diagram given below:

917_Equilibrium point.jpg

problem 8) In autarky, economy will be in general equilibrium at point:

(a) I.
(b) D.
(c) E.
(d) F.

problem 9) If tastes were to change so that S became more preferred relative to T, then, in autarky, production and consumption will move from their initial equilibrium to a point:

(a) C.
(b) D.
(c) E.
(d) F.

problem 10) Which of the it is true:

(a) Relative price of S is higher at G than at D.
(b) Relative price of T is higher at C than at F.
(c) A move from C to D would raise community satisfaction.
(d) All of the above are true.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M97351

Have any Question? 


Related Questions in Microeconomics

Economics assignmentcontentselect a news article with

Economics Assignment Content: Select a news article with economic implications within the previous six months and explain, analyze and expand the issue using the economic concepts and theory learned in this class. Includ ...

Short paperthus far in the course the primary focus has

Short Paper Thus far in the course, the primary focus has been on hospitals within the healthcare industry. For this short paper you will consider the economic issues related to long-term care facilities. In this assignm ...

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 ...

Economic choice and economic decision makingconsider your

ECONOMIC CHOICE AND ECONOMIC DECISION MAKING Consider your last vehicle purchase and the decision making process you engaged in while deciding what vehicle to purchase or if a new vehicle was the right decision. While an ...

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 ...

Assignmentinstructions the topic of the research paper will

Assignment Instructions: The topic of the research paper will be any disease or condition of the body. The paper must include a thorough description of the disease/condition; current statistics of those affected - epidem ...

Assignmentwe often have difficulty understanding how our

Assignment We often have difficulty understanding how our own customs and traditions could be viewed any way other than as right. In that regard, cultural relativism (viewing a custom from the other culture's perspective ...

1 the crr model european claimconsider the crr model of

1. The CRR model: European claim. Consider the CRR model of stock price S with T periods and parameters d (a) Consider the European claim X with expiry date T and the payoff X = g(S r ) = 1/S T 1[k,∞)(S T ). Show that th ...

1 a explain in clear language the economic inefficiency

1. a) Explain in clear language the economic inefficiency associated with adverse selection. b) The ACA (aka Obamacare) included an insurance mandate, which forces everyone to purchase insurance or face a penalty. Under ...

Q1 in quantity theory of money model mv py assume that v

Q1. In quantity theory of money model, MV = PY, assume that V is constant, M is growing at 6% per year, Y is growing at 3%. a. If r = 2, what is i? b. If the Fed reduces the money growth rate by 2% points per year, what ...

  • 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