prelim-1-spring-2019

Learning Activity 9.2 Question 2 Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users.   2000 2001 Price of a house $120,000 $145,000 Number of houses produced 1000 1050       Price of a pair of shoe $150 $170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150 $170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000 (a) What is the Consumer Price Index (CPI)? (b) Calculate the CPI for both years. (c) Calculate the rate of inflation for 2001 using the CPI. (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator.

1.      Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. a.      Selena pays a storekeeper $1 for a liter of milk. b.      Stuart earns $4.50 per hour working at a fast-food restaurant. c.       Shanna spends $30 to get a haircut. d.      Salma earns $10,000 from her 10% ownership of Acme Industrial.

41. Ahmed is a new student in the economics course. On the first day of the course the teacher told him about Micro and Macroeconomics in detail. Which of the following illustrates Micro and Macroeconomics? a. All of these. b. Study of the individual consumer is Microeconomics and the study of all consumers are Macroeconomics c. Study of one product is microeconomics and study of all products are macroeconomics d. Study of one person’s income is microeconomics and study of national income is macroeconomics

What is the importance of studying macroeconomics in our daily lives? (80 words minimum)

1. Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the follow of money for each of the following activities. Alain pays a storekeeper P100 for a liter of milk. John earns P90 per hour working at a fast-food restaurant Hanna spends P120 to get a haircut Anton earns P100,000 from his retailing business.

Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. Sam pays a storekeeper $1 for a quart of milk. Sally earns $4.50 per hour working at a fast food restaurant. Serena spends $7 to see a movie. Stuart earns $10,000 from his 10 percent ownership of Acme Industrial.

need help with macroeconomic question  23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…

Chinese investors decide to buy the Summerside golf course and build a resort hotel. The journal announces that the local business deal injects $10,000,000 into the local economy. In the article, a three oaks economic student tells reporters that it will benefit the local economy by creating growth of $80,000,000 over the next 4 years of construction. Explain the students reasoning using proper economic terms.

Economists use the scientific method to study the economy. David Matthews is an economist studying the effect of cold weather on the purchasing of streaming movies. Place the following steps in order.   David notices that people tend to stream more movies at home when the weather is cold outside.    David comes up with the theory that home streaming platforms will have more business in the winter months than at other parts of the year.    David arranges to follow the streaming habits of a thousand different families. He will also record the weather on each day.    At the end of the year, David will see if his theory was correct by comparing the number of movies downloaded with the weather for certain days. He will then decide if his theory was correct.

Lori is a student who teaches golf on the weekend and in a year earns $20,000 after paying her taxes. At the beginning of 2010, Lori owned $1,000 worth of books, CDs, and golf clubs and she had $5,000 in a savings account at the bank. During 2010, the interest on her savings account was $300 and she spent a total of $15,300 on consumption goods and services. There was no change in the market values of her books, CDs, and golf clubs.                            (i)       How much did Lori save in 2010?                                                                       (ii)      What was her wealth at the end of 2010?

Question 2 Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users.   2000 2001 Price of a house $120,000 $145,000 Number of houses produced 1000 1050       Price of a pair of shoe $150 $170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150 $170 Number of houses produced 1,000 Number of pairs of shoes 650,000 525,000   (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator.

MICROECONOMICS  ( ALL OF IT IS ONE QUESTION!!!) For the article which graph (1-12) best describes what happened.  King Size Beds For some couples, the solution for too much pandemic togetherness is saying good night on Valentine’s Day in a bigger bed where they don’t need to touch. After nearly two years of working from home and sharing close quarters with spouses, kids and pets, people are tossing out their full- and queen-size beds in favor of more spacious kings. After nearly two years of working from home and sharing close quarters with spouses, kids and pets, people are tossing out their full- and queen-size beds in favor of more spacious kings. Robert Pagano and his girlfriend, Tracy Jones, weighed the pros and cons of switching to a king from a queen last year. The couple, who live in Las Vegas, had been getting on each other’s nerves when they were stuck working from home. “We hoped a bigger bed would help us avoid arguments,” Mr. Pagano said. “But we were worried the extra…

What does a production possibilities graph show in economics?         how many items can be produced in a specific amount of time         possible production costs         one's final choice         one's top two choices when making a decision

what is Law of economy