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Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.
Microeconomics, Economics
Question: A solar-powered personal aircraft with VTOL capability has been under development for the past 30 years by a group of engineers and physicists. SPPAV, as the plane will be termed, is expected to be available fo ...
Question: Describe the current problem that the annual budget deficit presents to the US. Indicate what the impact of not solving the issue will cause and why you think it has not been solved. On a scale of 1 (Low) to 5 ...
Question: Describe the main goals of the Federal Reserve. What happens when these goals come into conflict? Explain how the Fed would decide if lower inflation is more important than lower unemployment? Would this decisi ...
Question: Draw demand and supply curve for labor. Identify the efficiency wage. Then show graphically how efficiency wage contributes to the structural unemployment The response must be typed, single spaced, must be in t ...
Question: Read the article, The Ethics of Big Data. Based on the content presented in the article, describe the microeconomic principles being used, in other words what is the impact for demand? List the different types ...
Question: Expected Utility question: A worker currently makes $1,200 per month waiting tables in Alabama. His friend in New York tells him that there might be a temporary job for him in New York that pays more. But, he w ...
Question: Consider an economy described by the following: • autonomous consumption=C (bar) = 2.25 trillion • autonomous investments=I (bar) = 1.3 trillion • government purchases=G = 3.6 trillion • taxes=T = 3 trillion • ...
Question: Consider the Heckscher-Ohlin model from the slides in the case of no factor substitution. The production technology of food and cloth are: QF = min [LF/3 , KF] QC = min [KC/3 , LC]. The home country has 100 uni ...
Question: An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold enough to freeze and destroy his entire crop, which is ...
Question: Write a thorough analysis of unemployment, defining the various types of unemployment, full employment, and the natural rate of unemployment. Describe the impact of unemployment on the economy and your solution ...
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