You are preparing for mediation between two parties. What will you need to verify and document? Provide at least 8 examples

What is the difference between the substitution and the income effect of a price increase? Explain in detail

The price of good X is higher in year 2 than in year 1 and people are buying more of good X in year 2 than year 1. Obviously, the law of demand does not hold. Do you agree or disagree? Explain your answer.

What is a Monocentric city? What determines land prices in a Monocentric city?

Question 1

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The Law of Demand states that a(n)

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Change in price will lead to no change in the quantity demanded

Decrease in price will lead to a decrease in the quantity demanded

Increase in price will lead to an increase in the quantity demanded

Increase in price will lead to a decrease in the quantity demanded

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The following table contains the demand and supply schedules for Lego sets.

According to the table, the market equilibrium price and quantity of Lego sets are

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$4.50 and 5,000 Lego sets

$5.50 and 5,500 Lego sets

$4.50 and 5,500 Lego sets

$6.00 and 6,500 Lego sets

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The following table contains the demand and supply schedules for Lego sets.

If the price of a Lego set was $4.00, then this would result in

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A surplus of 750 sets

A shortage of 750 sets

A shortage of 250 sets

A surplus of 250 sets

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A market with no barriers to entry will make zero economic profit in the long run because

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The government will intervene to keep prices low to protect consumers

There is no barrier preventing outside firms entering the market, increasing market supply and decreasing price

Any form of competition always results in losses being made

There is no barrier preventing firms leaving the market and competing elsewhere

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If Woolworths increases the price it charges for a loaf of bread soon after Coles does, then this is

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An example of monopolistic competition and product differentiation

An example of an oligopoly market structure and mutual interdependence

An example of a monopoly because there is no difference between the two supermarkets

An example of perfect competition and a homogeneous product

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The expenditure approach calculates gross domestic product (GDP) according to

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GDP = C + I + G + (M – X)

GDP = C + I + G + X

GDP = C + I + G + (X + M)

GDP = C + I + G + (X – M)

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Which of the following would not be included in the government expenditure component (G) of GDP?

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Transfer payments made to social security recipients

Payments made to repair bridges and tunnels of a major highway

Salaries paid to government employees

The purchase of paper clips and staplers in a government department

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Question 8

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Which of the following would not shift the aggregate demand (AD) curve for an economy?

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A change in the aggregate price level

An increase in consumption

A decrease in government spending

An increase in exports

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Frictional unemployment in an economy refers to

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Long term unemployment caused by the business cycle

Short term unemployment caused by workers moving between jobs

Unemployment caused by workers not having the required skills, education or training

Unemployment caused by the ups and downs of the business cycle

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Cost push inflation refers to a

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Rise in prices because of a left shift in the aggregate demand curve

Fall in prices due to decreased unemployment in a recession

Rise in prices resulting from an excess of total spending (demand) over supply

Rise in prices resulting from an increase in the cost of production, irrespective of demand conditions

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Once again consider the demand and supply schedules for Lego sets. Suppose there is an increase in the demand for Lego sets because of a new Lego movie that has just been released at the cinema. The increase in demand for Lego is 750 sets at each and every price. Determine the new demand schedule by completing the table below. What is the new equilibrium price and quantity?  

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Given the increase in demand in Question 11, in what direction will the demand curve shift? Explain why. Which of the following charts (A, B, C or D) best shows what is happening in the Lego market?  

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Consider the following demand curve for energy bars. Calculate the price elasticity of demand (PED) if the price increases from $1.50 to $2.00 (you can use approximate quantities obtained from the chart). Is the PED for energy bars elastic or inelastic? Explain why.

What is the most important role of a manager and why? What key decisions do managers make to reinforce their effectiveness in that role? Please provide real life examples or draw upon managerial examples you admire from your research or readings.

Looking at the East Asian economic development models,

(1) what is there challenges to overcome?

(2) Policy recommendation that EA countries can be more economically developed

Using the AS-AD model, show how the following events will impact real GDP and price level in Canada:

1)   USA is a big purchaser of Canadian goods and there is a boom in the U.S. economy

2)   The Canadian exchange rate goes up (i.e. CAD dollar becomes stronger)

3)   Due to Toronto Raptors winning the NBA, there is a rise in popularity of Canadian goods in foreign countries

4)   The Indian government reduces trade restrictions on Canadian goods

Discuss the Freedom of Speech of businesses, (commercial speech) on Internet.... What about mass media? Are the fake news freedom of speech?

Choose any 2 out of the 4 types of unemployment. a) Define and discuss that type of unemployment. (2 each x 2 = 4 marks) b) Provide an example. (1 each x 2 = 2 marks) c) What solutions can governments try to address that type of unemployment. (2 each x 2 = 4 marks)

Some advocates of anti-poverty programs claim that fighting poverty is a public good. Explain what these advocates mean by classifying charity as a public good. Why do governments tend to run programs that help the poor? Can the private sector be left to run those programs? Discuss your answer by focusing on externalities and market failure.

Suppose Taproot Company Limited (TCL) incurs huge advertising expenditure resulting from increased number of advertisements to inform consumers of the brand name of its product. Should consumers conclude that its products are likely to be of higher quality than other unbranded products? Why or why not?

If you had to forecast changing student demand for programs of study at a college or university for the next ten to twenty years, how would you go about doing that?