1. For each of the following statements, determine if it is positive or normative. (a) Seattle is the best city of the US. (b) American households spend 20 percent of their incomes on food on average. (c) Studying economics will increase my salary. (d) The interest rate is too low.

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A: Total amount of debt is 12 trillion. So 12 trillion in dollars will be 12,000,000,000,000. Here inte...

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A: Exchange rate refers to the value of the domestic currency measured in terms of a foreign currency. ...

Q: 3. Types of unemployment The three people described in the following table are categorized as unempl...

A: unemployment, the state of one who is equipped for working, effectively looking for work, however in...

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A: At equilibrium where demand for goods and services are equal to supply for it at certain price level...

Q: In the productivity curve figure, the impact of eduction and training that increases Real GDP per ho...

A: Here, the given figure shows two productivity curves of an economy with real GDP on y-axis and capit...

Q: The Market: SUVS (sports utility vehicles) The Market price: $50,000. The Scenario: A tax of $2,000 ...

A: The market is in equilibrium when the market demand is equal to the market supply. At this point the...

Q: Define the opportunity cost . What is the significance of opportunity cost in economics.

A: Opportunity Cost Opportunity cost is the cost of next best foregone.When a person, an investor, or a...

Q: If the coffee's demand function is q = 192 – p², at what price where the b. %3D - revenue is maximiz...

A: Q q=192-p2We know 5hat Total Revenue(TR)=p x qTherefore,TR=p(192-p2)     =192p-p3∂TR∂p=MRMR=192-3p20...

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Q: You have owned and managed an independent furniture store for 20 years in the big city. You will now...

A:

Q: 2) Last year, Alice carned $36,000 from her job. During the same year, she saved $9,000. a. What was...

A: a) Given that, Alice earned $36000 Ans she saved $9,000 The rate of saving is given by: = (9,000/36,...

Q: Select the correct answer below O for each firm when antitrust regulators split this company exactly...

A: A monopoly firm is a firm that has control over the market supply. This happens because a monopoly f...

Q: dentify the effect of recession in the economy on either demand or supply curve and the equilibruim ...

A: A recession is a situation where economic activities taking place in a country decreases and causes ...

Q: Suppose you observe the time series of output y and real money supply M/ P reported in the Figure be...

A: Given information

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A: Answer -

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A: Elasticity of demand alludes to the degree in the adjustment of demand when there is an adjustment o...

Q: . In the long run, profit maximizing monopolies make A. zero economic profit. B. positive economic p...

A: The answer is - D. positive or zero economic profit.  

Q: The price of a ton of coal is 70AUD in Queensland and the nominal exchange rate with the Indian Rupe...

A: The information given is:- Price of coal In Queensland = 70Aud Nominal exchange rate with Indian rup...

Q: In an economy with 200 million people, 150 million hold jobs and 20 million are not working but are ...

A: The unemployment rate is the number of unemployed people divided by the labor force. The formula is,...

Q: Select the correct answer below O for each firm when antitrust regulators split this company eacly i...

A: A natural monopoly is a monopoly that exists due to a higher fixed cost of production. This creates ...

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A: A intermediate good is an item used to deliver a ginal goods or completed item additionally alluded ...

Q: 1. Give ideas/examples that the international community (United Nations) can do to bridge the digita...

A: *Answer: 

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A: Answer: In the short run, the supply curve is the rising part of the marginal cost (MC) curve above ...

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A: There are two important categories of business cycles which are inflation and recession that occur. ...

Q: D. All of the following are determinants of demand except

A: To find : What is determinants of demand except. 

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A:

Q: 11. Describe what happens to quantity of labor supplied when wages are at the equilibrium level, abo...

A: Labor: - labor is one of the factors of production, any physical and mental work by humans against a...

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A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is...

Q: Suppose that in 2003, 995 workers were employed in the public sector, 691 of which were unionized. A...

A: The correct answer is given in the second step.

Q: The Mercantilists advocated balance of trade for each country engaged in trade. O True O False

A:   Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...

Q: What are the major determinants of price elasticity of demand? Use those determinants and your own r...

A: Elasticity of demand is a very important concept used by business firms to determine the level of pr...

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Q: On the foreign exchange market, an increase in a country's exchange rate O a. decreases the demand f...

A: When any foreign currency appreciates in the home country the demand for it will decrease and there ...

Q: 3. Which of the following must be included in an organization’s statement of accounting profits for ...

A: At the marketplace, an organization maintains variously financial statements to evaluate its perform...

Q: > Suppose a firm's production function is: Q = LK2 Find points and draw isoquants for Q1 = 10, Q2 = ...

A: Q=L12K12Q1=10 L K 5 19.89 10 9.99 20  5.01 25 4 50 1.98                          

Q: Carefully explain the Solow Growth theory and its extended variations. That is, thebasic Solow model...

A: The Solow Growth Model is an exogenous economic growth model that explores how population growth, sa...

Q: How can someone account for international economic equilibria between/among trading partners if our ...

A: Please find the answer below.

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Q: Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit ...

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Q: How many times greater was the GDP in 2004 than in 1950? By how many times did the GPI increase betw...

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Q: Suppose you observe the time series of output y and real money supply M/ P reported in the Figure be...

A: According to the question, we need to find. Is there a chance that the shock will result in a long-t...

Q: The below graph shows the demand and cost curves for ABC Electric Co, a natural monopoly in a small ...

A: The natural monopoly exists when there is a high start-up cost or powerful economies of scale for co...

Q: What are the determinants of demand? What happens to the demand curve when any of these determinants...

A: the factors that cause a change in the demand and quantity demanded of the goods are called determin...

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Q: If the elasticity of demand is -0.8333 and the Price of the good is 65. What is the MR? 108 O 143 17...

A: Marginal Revenue is the cash a firm makes for each extra deal. As such, it decides how much a firm w...

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.