The quantity of savings that people are willing to supply will depend on:

The idea behind purchasing power parity is:  

If a central bank were to change the reserve requirement in an effort to increase the money supply, they would:

We say that money functions as a medium of exchange because it represents:

In Florida, it is against the law to sell essential commodities like food, water, ice, chemicals, and petroleum products at "unconscionable prices" during states of emergency.

This law, and laws like it in many other states or municipalities, are often referred to as anti-price gouging laws.

A) Based on the resources provided in the course, do such laws exacerbate shortages?

B) Do such laws make it easier for people to hoard or buy more than they need during states of emergency?

C) should businesses be allowed to raise prices on essential commodities?

• Understand what is meant by a firm and what their primary goal is.

• Understand what is meant by a production function and understand what the typical shape (with only one input changing) implies about marginal productivity (and why MPl will usually initially increase and then decrease).

• Understand the difference between the short run and the long run and how a short-run production function can be derived.

• Understand what is meant by APL and what the relationship is between APL and MPL

• Understand how isoquants can be used to represent technological constraint in the long run and what is true along each curve

• Understand how to interpret the slope of an isoquant and what usually happens to it as we move along a given curve.

• Understand the relationship between RTS and the Marginal products of the two inputs..

• Understand the law of diminishing marginal product and diminishing MRTS and how they differ.

• Understand the different returns to scale and why this is a long run concept and how you would determine if a production function exhibited increasing, decreasing or constant returns to scale.

• Understand what is meant by the elasticity of substitution and how it varies for different production technologies.

• Understand the shapes of different technologies ( perfect substitutes, perfect complements and Cobb-Douglas production function)

• Understand the important characteristics of a Cobb Douglas production function and how changes in alpha and beta affect the MRTS and how to determine if it has constant, increasing or decreasing returns to scale.

• Understand how to show both factor neutral technological progress and factor specific technological progress on the graph and how these differ.

If firms in a competitive industry begin to earn profit in the short run, new firms will enter. This will shift the industry

Group of answer choices

supply curve to the right, meaning market price will fall.

demand curve to the right, meaning market price will rise.

demand curve to the left, meaning market price will fall.

supply curve to the left, meaning market price will rise.

Discuss what is the difference between Dewan Negara and Dewan Rakyat

1. Briefly state and describe the general approaches to taxation that countries can adopt.
2. What is “Double Taxation” and how its burden might be eliminated or reduced?
3. What are “Foreign Tax Credit,’ “Foreign Tax Deduction,” and “Foreign Tax Credit Limitation”?
4. What is “Transfer Pricing” and how could it be used to reduce worldwide tax obligations?

1. Our economy is currently experiencing conditions that have not occurred in recent history. Using the AS/AD model developed in Chapter 10, explain how our current economic conditions impact aggregate supply and aggregate demand. There is no right or wrong answer, you just need to justify your answer thoroughly. Be sure to comment on AD, LRAS and SRAS curves including the shape of the SRAS curve and why.

2. Are there any economic indicators that can support your answer? Hint: use your FRED dashboard (other series could be used too) Don’t feel like this answer needs to be complicated or has to have a lot of info. If you find that no indicator supports your answer you could say that but you could say why you think that is the case, or you could only see one or two and that is ok. Don’t over think this one!

3. Graph the AS/AD you described in Question 1. Be sure to label all axes, curves and changes in equilibrium. Add arrows to indicate any shifts in curves. You can add your graph to the word document or include it as an additional attachment.

Identify the set of Nash equilibria of this game (pure and mixed strategy).

Q. Discuss the barriers to trade and their impact to the consumer.

Assessment Question Week 2: Production Possibility Frontier
In 2017, Nepal production of rice and machinery in 2017 was published by the Nepal Bureau of Statistics as indicated by the table below.
Production in Nepal
   P   Q   R   S   T   U   V   W   X   Y   Z
Rice (1000 tons)   0   10   26   37   45   50   55   59   66   77   80
Machinery (units)   90   89   85   80   75   70   65   60   50   30   0

Based on the table above, a production possibility frontier for Nepal can be plotted as below:

Use the Nepal production table and production possibility frontier to answer the following questions.
(a)   Name positions B, V and D. Explain the implications of each of the production positions (B, V, D) on Nepal’s economy.
(b)   Supposing Nepal is operating at level T what is the opportunity cost of producing 10,000 more tons of rice? Also, suppose Nepal is operating at X what is the opportunity cost of producing 70 units of machinery?
 
(c)   Use the graph below to answer the questions that follow

(i)   Suppose Nepal begins to manufacture fertilizers, explain the impact of the discovery of fertilizers to Nepal’s economy using PPF.
(ii)   Supposing there is a discovery of steel in Nepal, explain the impact of steel to the economy of Nepal using a PPF.
(iii)   The Minister of Finance in Nepal advices that in order to increase rice production and machinery, each sector requires USD 50 billion. Explain the impact of the budgetary allocation on the economy of Nepal using PPF.

Q. Discuss the disadvantages to trade.

Q. Discuss the advantages to trade.