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“Rising oil prices will lead to decreased employment, lower wage rates and decreased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.
Business Economics, Economics
The following are amounts of time (minutes) spent on hygiene and grooming in the morning by survey respondents (based on data from an SCA survey). 15, 16, 18, 25, 26, 30, 32, 41, 45, 55, 63. Does the number 63 appear unu ...
Part a) The mean of the sample was calculated as 500. The sample of 25 observations was randomly drawn from a population whose standard deviation is 15. Estimate the population means with 99% confidence. Part b) A random ...
Benefits of abating emission: MB=500-20A Cost of abating emission: MC=200+5A What are the marginal benefit and marginal cost of abatement at socially efficient level of abatement? What is the net social benefit at the ef ...
What does this demand sequence mean? (I am assuming that x,y,and s are related products) Qx= 1.5 -3.0Px + 0.8(Income) + 2.0 Py -0.6 Ps + 1.2(Advertising) Then a year passes and the values are: Px=2 I=2.5 Py=1.80 Ps ...
A recent study revealed that 60% of employees use their smart phone during work hours for non-work related purposes. Suppose you randomly observe 100 employees and record whether the employee is using their phone for non ...
Would it ever be rational for a firm to retain an employee whose current marginal revenue product is less than her current wage? Explain.
How would a Prison's Dilemma example show that rational self-interested play does not always result in the best solution for all parties.
Under the trade model with external economies of scale, is it possible for a country to be worse off with trade than it would have been without trade? Justify your answer.
Coach Steroid likes his players to be big, fast, and obedient. If player A is better than player B in two of these three characteristics, Steroid will prefer A to B . Three players try out for quarterback. Wilbur ...
The government is undertaking expansionary fiscal policy. Illustrate how this action affects: The AD-AS model. The Phillips curve model. The IS-LM model. How will this change impact on economic activity the price level t ...
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