Choose the correct answer. A well - tested economic theory is often called... 1. a hypothesis. 2. a prototype. 3. a principle. 4.an anomaly.

Q: The marginal, or additional, gain from Riley's second hour spent working, from 8:00 AM to 9:00 AM,…

A: The marginal gain refers to the additional gain that arises from additional hours of work being put…

Q: For the y axis, why is it labeled income and not consumption output

A: The IS-LM model is a macroeconomic model that shows the relationship between interest rates and real…

Q: Mary Graham has worked as a real estate agent for Piedmont Properties for 15 years. Her annual…

A: The accounting profit of a firm refers to the excess revenue generated from operations or sales over…

Q: Page of 4 5Which series of communication channels is arranged from smallest to largest? a.…

A: The number of users who use a certain communication channel for their communication needs determines…

Q: - Your answer is partially correct. A state department of health is considering a public awareness…

A: Formula for the present value is given as: => P = F(1+R)tP : Present value F : Future value R :…

Q: Choose the correct sequence of events that might bring an economy to full employment if it is…

A: The expenditure-output model, also known as the Keynesian cross diagram, estimates the equilibrium…

Q: The members of a neighborhood community have been having a problem with mosquitoes. Although people…

A: Externalities affect resource allocation because the market does not effectively price the external…

Q: Describe how each one of these recent trends in labor markets might reflect allocation of labor…

A: A labor market refers to the mechanism by which workers and employers interact to determine the…

Q: Problem 2: Consider a firm in a perfectly competitive market TT-TR-TC. =(P-ATC) Q

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: Use the graph below to answer the question. Capital goods B C Point B Point D Point E Point A CO…

A: A graph that shows the most effective way to produce a pair of goods is called the production…

Q: 3. Show graphically appropriate monetary policy response in a closed economy to higher taxes, if the…

A: Fiscal and monetary policies: Fiscal policy is the tool with which the govt regulates the economy…

Q: The main incentive for an individual to start a business is usually A consumer demand. B C a profit.…

A: Any organization or economic entity that engages in the trade of goods or services with the…

Q: Explain what led to the Great Financial Crisis of 2007 and why the government felt it had to ‘bail…

A: A financial crisis is a situation in which the financial system or economy of a country experiences…

Q: The cost of 5 mangoes and 3 kiwis at Miller Market is $9.45. The cost of 3 mangoes and 4 kiwis is…

A: Total cost is the cost of producing all the units.  Total revenue is the product of price and…

Q: Two friends are competing to see who can see the most Christmas lights in the month of December.…

A: At the marketplace, firms compete with each other to gain profit and the total output supplied or…

Q: Analyze the cotton t-shirt market if the price of cotton increases. Graph and explain

A: Demand schedule is the tabular representation of quantity demanded at various price levels.  Demand…

Q: According to this graph of your utility function would you be considered risk-averse or a…

A: Risk averse consumer or investor does not go for the high risk and such consumer prefers low risk.…

Q: Explain what is meant by ‘macroeconomics’ and why some economists think that it is different to…

A: Economics is the social science that learns how individuals and organizations allocate resources to…

Q: Thanks for the answer. Can you please define with proper example that what is actually non monetary…

A: Economic exchanges that don't include money are referred to as non-monetary transactions. Without…

Q: Adding product differentiation to the Bertrand model has which of the following consequences: O It…

A: The Bertrand model is a simple economic model used to analyze competition between firms that produce…

Q: How do fluctuations in aggregate demand and short-run aggregate supply bring fluctuations in real…

A: The entire amount of products and services that all consumers in an economy are willing and able to…

Q: Consider the following Marshallian Demand Function derived from the utility maximization problem, X…

A: The law of demand states the inverse relationship between the price and quantity demanded. A rise in…

Q: QUESTION 8 Every year for 10 years starting year 2, you deposit $2000 in a savings account that…

A: We must compute the total of the current values of each deposit in order to determine the present…

Q: In economics, the multiplier effect refers to the fact that when there is an injection of money to…

A: The multiplier effect in AD-AS framework: The main idea behind the multiplier effect is that an…

Q: Neuroeconomics attributes time-inconsistency to high levels of the oxytocin hormone the…

A: Neuroeconomics is an interdisciplinary field that studies the neural and psychological processes…

Q: Graph the following information about the demand and supply of ostrich eggs in Georgia: Quantity…

A: Demand curve is downward sloping curve.  Supply curve is upward sloping curve.  Equilibrium is where…

Q: Suppose Aldi and Woolworth are involved in a price war. Which of the following is correct? Select…

A: In a price war, competing firms lower the prices of their commodities so as to gain a higher market…

Q: Consider the familiar demand and cost conditions: Market Demand: P(Q) = a – bQ Firm Cost: C(q) = cq…

A: Cournot Equilibrium is a concept in economics that describes a situation in which two or more firms…

Q: You have taken a loan of $300,000 loan over 12 years at a 3% interest rate compounded monthly, which…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Find əU :U(x1, x2) = 16x1 + 8x2 О 8 16+8x2 о 16x1 + 8 24

A: Derivatives can be defined as an instantaneous change rate of a quantity with respect to the other.…

Q: 1. One potential drawback of the gold standard is that A. the world economy can be subject to…

A: The Gold Standard was a regime wherein almost every nation fixed the value of their currencies in…

Q: Use the AD-AS framework to analyse the short run and long run effects on an economy when the…

A: The Aggregate Demand (AD) - Aggregate Supply (AS) explain the relationship between the total demand…

Q: How would you describe the development of the market regulation and the concept of "fair…

A: In a market with fair competition, all businesses compete on an even playing field without…

Q: Why would the Federal Reserve do contractionary monetary policy? Select an answer and submit. For…

A: The management of the money supply, interest rates, and credit conditions in an economy by a central…

Q: The efficiency problem that results from market power is that the market: has side effects. has too…

A: The market power refers to the ability of a firm to set the price. The market power is absent in the…

Q: i. State the meaning of points A, B and C as shown in the diagram. ii. Identify a factor whereby the…

A: The production possibility curve is the graphical representation of the best combination of the two…

Q: Answer in detail. The technology plays an important role in the development of an economy. How?

A: Technology refers to the tools, techniques, methods, and knowledge used to create, develop, and…

Q: The "substitution effect" of a decrease in the Px is measured: as the change in the quantity…

A: The substitution effect means change in the quantity demanded when the price changes or consumer…

Q: Consider a country that produces computers (C) and food (F) using capital (K) and labor (L). Both…

A: In a perfectly competitive market, the factor price (i.e., the price of labor or the rental rate of…

Q: b. The following tables provide economic data about a country. Year 2020 21.5 million 15.9 million…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Consider the following relationship between the growth and stock of a Largemouth Bass population on…

A: Above provided graph is a relationship between the annual growth rate and the stock of population of…

Q: What is the difference between 'grim trigger' and 'tit-for-tat' in the context of the repeated…

A: The classic game theory illustration of the tension between individual and group rationality is the…

Q: 18. This is a 3 part question. What is the relationship between the marginal product of labor and…

A: Production function is a mathematical expression that explains the relationship between the inputs…

Q: Which of the following equations correctly represents solving Q=140 - 4P for P? OP=35-4Q OP=140-Q…

A: Quantity demanded and demand: The demanded quantity of any commodity reflects the amount of that…

Q: a. The diagram below shows the short-run equilibrium of a firm. Price (RM) 20 17 12 0 50 70 ii.…

A: Profit is maximised by producing at a point where marginal revenue is equal to marginal cost.

Q: Problem #3. Suppose the official price of 1 ounce of gold in the US is 21.60 dollars and the…

A: Price of Gold in US = 21.60 dollars  Price of Gold in UK = 3.6 pound sterling  Exchange rate refers…

Q: suppose the marginal propensity to consume is 0.75, the marginal propensity to import is 0.25, there…

A: Aggregate expenditure is the sum of all spending made by all sectors of the economy.  It includes…

Q: 2. Montyboy Pet Shop ships boxed can dogfood anywhere in the country. Using the following…

A: Trend forecasting is the process of predicting future buyer preferences and purchasing behaviors…

Q: that actual Y is greater than equilibrium Y, Ye thus actual current Y>Ye. Explain the reaction by…

A: Aggregate expenditure equals the total amount of spending/expenditure on goods and services in an…

Q: Airlines that engage in price discrimination charge higher prices to business travelers because…

A: Price discrimination occurs when the seller is charging different prices to different consumers for…

Unemployment and Cost of Unemployment

Unemployment is the state of being unemployed, even when an individual is actively seeking work opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed.