Analyze the issue: Draw a graph illustrating California’s electricity crisis. Put the label “Price of electricity (cents per kilowatt-hour)” on the vertical axis and “Quantity of electricity (megawatts per hour)” on the horizontal axis. As explained in Chapter 4, draw the changes in demand and supply for electricity in California described above.
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Analyze the issue:
Draw a graph illustrating California’s electricity crisis. Put the label “Price of electricity (cents per kilowatt-hour)” on the vertical axis and “Quantity of electricity (megawatts per hour)” on the horizontal axis. As explained in Chapter 4, draw the changes in demand and supply for electricity in California described above.
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- This is not a writing assignment, this is a multiple-choice question As a result of the coronavirus crisis of 2020 and the consequent lockdowns that followed across the U.S. economic activity in many of the states with the highest levels of economic activity prior to the crisis, have come (came) to a standstill. As stock and other financial markets also declined, millions of jobs were lost weekly, and both personal and investment incomes plummetted, it is expected that the tax revenues collected by the Federal government will also be much below the previously expected levels in 2020. In order to boost the economy and avert an economic depression (a serious economic recession) the Federal government pumped over $2 trillion dollars of economic stimulus so that people whose incomes had dropped sharply or disappeared entirely, would still be able to continue making basic purchases, and this will give businesses a reason to produce and hire workers. This increased Federal spending in the…Small businesses are facing increasing challenges as the fourth wave of the pandemic looms. New statistics published by the Canadian Federation of Independent Business (CFIB) reports small businesses owe an average of $170,000 and that number almost doubles to $333,174 for businesses in the hospitality sector. Corinne Pohlmann, senior vice-president of national affairs at CFIB, says repaying this debt will be the next major challenge as businesses head into the uncertainty of the fall. “It’s so incredibly important for consumers to really think about making a purchase at a smaller company rather than through Amazon or Walmart,” adds Ms. Pohlmann. “It’s the small businesses on Main Street that make a place unique.” Despite the headlines, entrepreneurs have remained resilient during this economic roller coaster brought on by the Covid-19 pandemic. “Keeping contact with customers – seeing them walk in, seeing the impact that you have on your customers and your neighbourhood – keeps us…Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. The number of people at the most common ages for home-buying increases. People gain confidence that the economy is growing and that their jobs are secure. Banks that have made home loans find that a larger number of people than they expected are not repaying those loans. Because of a threat of a war, people become uncertain about their economic future The overall level of saving in the economy diminishes. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.
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- Which of the following statements best describes how the COVID-19 pandemic affected US real GDP? A) Real GDP rises above its natural level B) Real GDP remains at its natural level C) Real GDP falls below its natural level D) Impossible to say without more information.Assume that the housing market is in equilibrium in year 1. In year 2, the mortgage rate that banks charge consumers decreases, but producers are not affected. Which of the following is most likely to be the equilibrium change? a The equilibrium will be at point C before the change in expectations and point A after the change b The equilibrium will be at point A before the change in expectations and point B after the change c The equilibrium will be at point A before the change in expectations and point C after the change d The equilibrium will be at point E before the change in expectations and point C after the changeA key skill in economics is the ability to use the theory of demand and supply to analyze specific markets. In this assignment you get a chance to demonstrate your ability to analyze the effects of several “shocks” to the market for coffee. Answer all parts of each of the scenario below. Suppose that, as part of an international trade agreement, the Malaysia government reduces the tariff on imported coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected?
- Bank Indonesia has also conducted a quantitative easing policy to inject liquidity in the economy, which from the beginning of the year until the end of September 2020 had amounted to IDR666 trillion. Perppu No. 1/2020 allows BI to purchase SBN instruments in the primary market through private placement, where previously BI could only buy SBN instruments in the secondary market. On 6 July 2020, BI and the government announced a burden-sharing scheme where BI will help partially to finance the government budget deficit by buying the SBN instruments and bearing some portion of interest payments for them. Based on the case study above, examine reason that the the Bank Indonesia (BI) decided to take such action.Unlike the Suez Canal, the Panama Canal is highly relevant for the US economy. A blockage of the Panama Canal could produce severe supply disruptions for the US economy. Suppose there is a severe blockage of the Panama Canal that last for six weeks. The following questions consider how such a blockage of the Panama Canal would affect the US economy in the short-run. Once Panama Canal officials are able to unblock the canal and get traffic flowing again, the US economy will begin to recover from the supply disruptions. Which of the following statements describes the US economy after the Panama Canal has become unblocked? A) The price level will increase back to its initial level of P*, and real GDP will decrease back to its natural level. B) The price level will decrease back to its initial level of P*, and real GDP will increase to its natural level. C) The price level will increase to its original level of P*,…Unlike the Suez Canal, the Panama Canal is highly relevant for the US economy. A blockage of the Panama Canal could produce severe supply disruptions for the US economy. Suppose there is a severe blockage of the Panama Canal that last for six weeks. The following questions consider how such a blockage of the Panama Canal would affect the US economy in the short-run. Once Panama Canal officials are able to unblock the canal and get traffic flowing again, the US economy will begin to recover from the supply disruptions. Create a graph that describes the US economy after the Panama Canal has become unblocked.