Economics Questions and Answers
Why does the marginal cost curve always intersect with the average total cost curve at its lowest point?
Why are businesses so important to a country's economy?
What are the advantages and disadvantages of the price system?
If the marginal propensity to consume is 0.80, a $50 increase in disposable income will lead to a $___ increase in consumption and a $___ increase in savings. (Enter both responses to two decimal place.) How to calculate this problem?
What's the importance of price elasticity of demand to the government?
Should middlemen be eliminated in the distribution of goods and services?
What is the function of price in a free market economy?
What kind of economic system does the United States have?
What type of market structure is Microsoft in?
What is one's opportunity cost for attending college?
What are some positive externalities associated with constructing roads?
What are the advantages and disadvantages of a narrow span of control?
What market structure are cellphones in?
What is the difference between resource markets and product markets in a circular flow model?
Is construction a primary or secondary industry?
What factor has the strongest influence on supply in an economy that grows rapidly?
How do market structures determine the pricing decisions of businesses?
Is the demand for breakfast cereal likely to be price elastic or price inelastic and why?
Economically speaking, why should I go home and read a book in the following scenario? You prchase a $30 nonrefundable ticket to a play at a local theater.minutes into the show you realize it is not a very good show and you place only a $10 value on seeing the remainder of the show. Alternatively you could leave theater and go home and watch TV or read a book.place an $8 value on watching TV and a $12 value on reading a book. a. You should stay and watch the remainder of the show. b. You should go home and watch TV. c. You should go home and read a book. d. You should go home and either watch TV or read a book. answer is c but ıdont understand why c?
Why is a firm a price taker and not a price maker under perfect market conditions?
Outline criticisms of Von Thunen's Theory of Economic Rent.
What is the difference between consumer products and industrial products?
How does supply and demand affect price in a market?
What are the four fundamental questions that public finance addresses?
Can an activity generate both positive and negative externalities at the same time? Explain your answer.
By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs required to plug in appliances were standardized to ensure that there would be no barriers to trade. How do you think this elimination of trade barriers affected EU output?
Why is the marginal cost curve in the short-run u-shaped?
What is the relationship between Economics and Human Resource Management? How are these two subjects related to each other?
What are similarities and differences between fiscal policy and monetary policy?
What are the monetary, non-monetary, and opportunity costs of each of these jobs? Job A. This job involves writing advertisements and creating art to go along with the text. It pays well, though advancing in this field takes many years. The employer tells you that you are likely to work a lot of overtime hours. The office is located far across town, involving a long bus ride or drive. The people at the office seem very nice. The work atmosphere is formal, as is the dress code. Job B. This job involves filling out and filing paperwork. The entry-level pay is low, but there are many opportunities within the company. The employer tells you that the company prefers to "promote from within," or fill vacant jobs by promoting people who already work at the company. The building is a short bus ride, bike ride, or walk from where you live. The people at the office are friendly and helpful, and the whole office has a casual atmosphere.
What are the components of aggregate expenditure?
Is branding necessary for a firm in an oligopoly?
Explain why globalization is increasing the gap in income, wealth, and economic growth that already exists between developed and developing countries.
Why does money need to be divisible?
What have been the main political drivers of globalization in the last 20 years?
Which item has more elastic demand? A) Bottled Water B) Tap Water
Why does an aggregate demand curve slope downward?
Why does the short run aggregate supply curve slope upward?
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity demanded to 450 per day. 1) Compute the price elasticity of demand between these two points. 2) Would you expect total revenues to rise or fall? Explain.
What factors affect export and import?
The demand curve for labor is Q=100-5P. The supply curve is Q=5P. Helpful hint. The indirect (inverse) demand curve is P=20-0.2Q a) What is the equilibrium price and quantity. b) What is the consumer surplus? c) What is the producer surplus? d) What is the total surplus?
Is the following statement accurate: "A monopolist always charges the highest possible price"?
What is the difference between functional income distribution and personal income distribution?
Country x conducts 60% of its trade with country y and 40% of its trade with country z. The initial value of the trade weighted exchange rate index of country x is 100. What will be its new trade weighted exchange rate index value if it's currency falls in value by 20% against the currency of y and rises by 10% against the currency of z? The answer is apparently 25 according to the answer sheet(mock exam) but I don't understand why? Can someone please help explain this to me?
What are some factors that affect consumer tastes?
Can opportunity cost be zero?
Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, how should the firm adjust its mix of capital and labor? What will be the result?
Give examples of how we weigh marginal cost and marginal benefit in our personal lives.
A decrease in tax to GDP ratio of a country indicates which of the following?1. Slowing economic growth rate2. Less equitable distribution of national incomeSelect the correct answer using the code given below.(a) I only(b) 2 only(c) Both 1 and 2(d) Neither I nor 2
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