Provide an example of scarcity problem that affects an individual consumer.
Which economics principles govern the situation you described?

Comment on the description of the Lorenz Curve? Is this okay? Which type of tax system are you in favor of and why? (progressive, proportional (flat), or regressive) Which is the best and why?

For a firm A which is operating under Pure Competition; Under Total Revenue-Total Cost Approach;

1. Fill in the table above by calculating the Total fixed cost Average total cost, Marginal cost total revenue and the profit/loss for each level of output. Assume the price of the product P= $40.                                                                                                   
2. Indicate the level of Output where Profit is Maximized?                                        

3. What is the Maximum Profit for Firm A?                                                            

What are some advantages and disadvantages of the United States national debts? Distinguish between foreign and domestic debts.

a) Taking the perspective of banks, explain the reasons why the lockdown Recession (Covid-19 crisis) is different to the Great Recession (2008-09 crisis)? Discuss by presenting five differenes

b) What is the role that banks can play in supporting the economy and eventual recovery. Discuss by presenting five policies that banks can implement to help economic operators

c) What will be the lessons that businesses will learn from the Lockdown Recession? What are the suggested ways business might change in their day-to-day operations, especially when they interact with their customers? Explain.

the following three concepts and provide a definition and brief explanation of their importance in microeconomic analysis.

1. Economies of Scope vs. Economies of Scale;
2. Transitivity Assumption of preference orderings;
3. Short-run Expansion Path.

Explain why the goal of criminal law is NOT 100% prevention

Briefly explain the concept of "risk aversion". How does this potentially change our calculations within the Rational Criminal Model (RCM)?

Consider the effects of the Corona pandemic (both on the AD and AS). Starting with an initial long-term equilbrium, show these effects by drawing the GRAPHS for: a) Goods Market; and b) Short and Long Run Phillips Curves under the two different scenarios: i. No action is taken ii. Suppose that a monetary policy action is taken to overcome the resulting problem.

Question Three A certain brand of vacuum cleaners can be purchased from several local stores as well as from several catalogues or websites. If all sellers charge the same price for the vacuum cleaner, will they all earn zero economic profit in the long run? Explain and include a diagram.

Question One Explain the difference between a positive and a negative network externality and give an example of each, with a completely labelled diagram, respectively.

Answer the next 3 questions based on the following information:  Starting from a recession (Y₂ < Y_f), what would happen to the real interest rate (r) from there if the return to potential output (Y_f) was accomplished by each of the following? For each, you should write one of the following responses:  Up, Down, or Same

41. If no policy were enacted.
42. If, instead, the Fed accomplished the return to Y_f through its use of monetary policy.
43. If, instead, Congress and the President accomplished the return to Y_f through its use of fiscal policy.

assume that an economy's long run equilibrium is described as follows: economic growth at 2.5% per annum, natural rate of unemployment at 6% and expected inflation at 2%
Using AD/AS and Phillip's curve diagrams illustrate the short run effects of an increase in interest rates with a starting position during a boom, above the natural rate.