On what grounds did increasing numbers of Americans come to oppose the Vietnam War? What were Martin Luther King, Jr.'s reasons for opposing the war? What connection did spiritual leaders like King and Daniel Berrigan see regarding poverty and the Vietnam War?
In: Economics
Looking back on the U.S. 2008 recession, analyze its underlying causes and consequences. What did we learn from the recession and how can we avoid repeating the same mistakes?
In: Economics
Below find the demand for meals at a resturant:
daytime demand : Pn=20 -.0125 Qd
night demand Pn=40- .025Qn
ATC=MC=3.00
Claculate the daytime price and quantity of meal sold:
Pd=____________
Qd=___________
Calculate the nighttime price and quantity of meal sold
Pn=_______
Qn=______
what is the profit earned by charging these prices?
In: Economics
If P=36-Q is the inverse demand curve and AC=MC=12 then under a monopolist CS=........, PS=........ and DWL=............
In: Economics
Suppose the following occurs: (1) Circuit City were very pessimistic about their future sales on their electronic games so they expected their sales to fall on their electronic games by $100 million because they expected to go out of business due to declining profits so they didn’t invest any money to open up factories and use machines to produce electronic games, (2) and at the same time, the federal government decided to implemented a $2 per unit tax on each electronic game Circuit City can produce. (3) the shift in the AD curve shifts more than the shift in the SRAS curve. Based on this information, in the short run equilibrium Price Level will __________ ; the equilibrium real GDP will _________;and the unemployment rate will __________.(Hint: Draw the initial AD-SRAS curves and then on the same graph draw the new AD-SRAS curves to derive your final answer ).
a. |
rise; fall; rise |
b. |
fall; rise; rise |
c. |
fall; rise; fall |
d. |
rise; rise; fall |
e. |
fall; fall; rise |
In: Economics
Suppose that the nominal interest rate is 4.2%, the real interest rate is 2.8%, real GDP grows at 1%, and this year's money supply is $11.438B. To the nearest million, the size of next year's money supply will be $________B.
In: Economics
While economists agree on the major factors that either initially caused the Great Depression or that made it as deep and long as it was, there has been a never-ending debate about exactly how important each element was. Below are six of the primary factors that made the Great Depression a lot worse.
For each of the six, DRAW a graph (so draw 6 graphs in total) indicating the impact each would have had on the US economy. WRITE next to each graph what would happen GDP and to the price level as a result.
Causes of the Great Depression
1 - Oct 29, 1929 "Black Tuesday" - The US stock market had started sliding down in September and there was a milder panic 5 days before, but on Oct 29 the market plunged 12% in one day. This crash wiped out many people's life savings and many firms filed for bankruptcy. The Federal Reserve had been warning people about irrational exuberance and rampant speculation for 4-5 years before.
2 - Bank collapses - 700 banks failed in 1929 and 3000 more in 1930. In 1932, a new banking panic led to the loss of more than 1/3 of all banks in the country.
3 - The Smoot-Hawley Tariff - In 1930 Congress raised import tariffs to record levels in an attempt to protect US jobs. However, this sparked retaliatory trade measures from European countries. Over the next 4 years our exports dropped by 2/3.
4 - Drought hit the plains states starting in 1930 and continued with dust storms in 1931 through 1939. By the time normal rainfall resumed, 35-125 million acres had lost its topsoil and could not be used for farming the way it had been.
5 - In response to all this, the Federal Reserve tightened the money supply in 1929, 1932, and 1937. The tighter money also caused to deflation, which made it even harder for homes and firms to repay their debts, and made the banking collapses and tariff impacts worse.
6 - Presidents Hoover and Roosevelt and Congress enacted a large number of programs to try to fix the economy. Some were deemed unconstitutional. Some probably helped. Others backfired and made things worse. You could identify some particular policy errors that made it much harder for the market to fix itself.
In: Economics
Please write an essay about the public provision of education. Why should the government be involved in education? In your own words, explain the advantages and disadvantages of the voucher system. Would you suggest such a system to Ministry of Education in Quebec? Explain why or why not.
In: Economics
Please write a long explanation on rationing in health care. Please compare rationing in public and private health care system. Please provide your suggestions or solutions from an economist’s point of view.
In: Economics
:Please write an essay about the public provision of employment insurance and pensions. Do you think employment insurance increases unemployment? Explain why or why not. List the research that has been done in this area. Please provide discussion on the labor market effects of EI (including direct effects and systemic effects). Please explain how the public pension system may cause inefficiency problems.
In: Economics
Does a change in the fed funds rate really have an actual direct monetary influence on the markets or is it nothing more than a perception? Explain please
In: Economics
Name and explain three serious problems associated with consumer interviews or surveys. Give an example of each one.
In: Economics
The Civil Rights Movement achieved all of the following EXCEPT:
A. |
reparations payments to the descendants of slaves |
|
B. |
the Voting Rights Act of 1965, which gave the federal government the right to strike down state voting regulations that were deemed discriminatory |
|
C. |
the gradual end of official racial segregation in schools |
|
D. |
the Civil Rights Act of 1964, which prohibited racial discrimination in hiring and in providing public accommodations |
In: Economics
Suppose the demand curve for a product is vertical and the supply curve is upward sloping. If a unit tax is imposed in the market for this product, A. buyers bear the entire burden of the tax. B. buyers share the burden of the tax with government. C. the tax burden will be shared equally between buyers and sellers. D. sellers bear the entire burden of the tax.
Explain how a downward-sloping demand curve results from consumers adjusting their consumption choices to changes in price. A. When the price of a good rises, the budget constraint shifts outward, leading consumers to buy less of that good. B. When the price of a good rises, the marginal rate of substitution changes, leading consumers to buy less of that good. C. When the price of a good rises, this causes a negative income effect that is larger in absolute value than a corresponding positive substitution effect, leading consumers to buy less of that good. D. When the price of a good declines, the ratio of the marginal utility to price rises, leading consumers to buy more of that good. E.
When the price of a good declines, this causes positive substitution and income effects, leading consumers to buy more of that good. What is the difference between technology and technological change? A. Technology is when a firm is able to produce the same output using fewer inputs, while technological change is the process of using inputs to make output. B. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. C. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs. D. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the same output using fewer inputs. E. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs.
A country that imports a substantial amount of gasoline every year imposed a $1.2 per gallon excise tax on gasoline, to be paid by sellers. The equilibrium price of gasoline prior to the tax was $4 per gallon. Gasoline being a necessary good, its demand curve is steep and the consumers had to bear the bulk of the tax burden. The post-tax price of gasoline went up to $5 per gallon, causing the country's media to claim that it was unfair that people should have to pay so high a price for such an important consumption item. They further believed that such a high tax was inefficient and could not be justified. Which of the following inferences can be drawn from this information? A. The sellers bear 1.2 percent of the entire tax burden. B. The consumers are bearing the entire burden of the tax. C. The burden on consumers would reduce if the tax was imposed on them, rather than the sellers. D. The sellers of gasoline now receive 20 cents less than the pre-tax price. E.
The deadweight loss of the tax is very high. If total utility increases at a decreasing rate as a consumer consumes more coffee, then marginal utility must A. remains constant. B. be negative. C. increase also. D. decrease.
In: Economics
A student borrowed a total of $120,500 from the living expenses loan under FASP. Assuming th annual interest rate is 1%, calculate the quarterly installment amount if she wants to pay off the debt in 5 years after graduation.
Need formula and answer only. Thanks.
In: Economics