My Blog

Category: Economics

  • (Answered) etary System) (Copy)5 of 6What is money? Would you classify any of the following items as money?a….

    What is money? Would you classify any of the following items as money?
    An unused airline ticket
    A $50 discount voucher for your next laptop
    Civil War Greenbacks
    An IOU signed by the director of the U.S. postal service
    A loan to buy a new car
    A commerclal bank checkable deposit
    Store coupons for noodles
    Money is ◻
    currency, bank deposits, credit cards, and debit cards
    the notes and coins that we use in the United States today
    any commodity or token that is a store of value
    any commodity or token that is generally accepted as a means of payment
    Hems f, b, and g are money. ltems e, c, a, and d are not money.
    Hems f, b, g, e are money. Items c, a, and d are not money.
    Items f and b are money. Items g. e, c, a, and d are not money.
    Item f is money. Items b,g,e,c,a, and d are not money.
    Items f, b, g, e, and c are money. Items a and d are not money.

  • (Answered) As discussed in class: There are three major labor market problems that can have a negative impact…

    As discussed in class: There are three major labor market problems that can have a negative impact and likely hinder a worker’s ability to earn an income that is above the poverty threshold. Which of the following is NOT one of those three labor market problems?
    Question 14 options:
    periods of unemployment; in that, the worker may work in a service industry that is very vulnerable to economic downturns.
    involuntary part-time employment; in that, the worker may work for a day care center that had to reduce the number of employees needed and the hours they work due to the Pandemic.
    low earnings; in that, the worker may only earn minimum wage or less (a waitress who only earns tips and not a base wage)
    Ivy league education; in that, having an ivy league education (Yale, Harvard, Princeton) causes problems in the labor market because businesses do not want to hire graduates from those schools.
    Question 15 (1.5 points)

  • (Answered) Price discrimination requires the firm toGroup of answer choicesseparate customers according to…

    Price discrimination requires the firm to
    Group of answer choices
    separate customers according to their willingness to pay.
    differentiate between different units of its product.
    engage in arbitrage.
    use coupons.
    Many movie theaters allow discount tickets to be sold to senior citizens because
    Group of answer choices
    senior-citizen laws mandate such discounts.
    efforts of goodwill show community respect and win loyal patrons.
    the theaters are profit maximizers.
    senior citizens usually comprise a solid portion of those who voice their opinions.
    Which of the following is an example of price discrimination?
    Group of answer choices
    Nabisco provides cents-off coupons for its products.
    Amtrak offers a lower price for weekend travel compared to weekday rates on the same routes.
    Hotel rates for AAA members are lower than for nonmembers.
    All of the above are correct.

  • (Answered) To counter the fall in​ investment, the leader ofParanoiaParanoiacalls for a proposal to increase…

    To counter the fall in​ investment, the leader ofParanoiaParanoiacalls for a proposal to increase government spending. Tofinance the​ program, the head of the Exchequer has proposed three alternative​ options:
    (1) Finance the expenditures with an equal increase in taxes
    (2) Keep taxes constant and finance the expenditures by printing new money
    (3) Keep tax revenues constant and borrow the money from the public by issuing new government bonds
    Consider the three financing options and rank them from most expansionary to least expansionary. The most expansionary policy is option​ __, followed by​ __, and option​ __ would be the least expansionary.
    A.22​;33​;11
    B.11​;33​;22
    C.11​;22​;33
    D.33​;22​;1

  • (Answered) Eastern University is committed to its current policy of allowing the children of its faculty to…

    Eastern University is committed to its current policy of allowing the children of its faculty to attend the university without paying tuition. Suppose the demand curve of Eastern faculty children (CFCs) for slots in other universities is given by P=32-5Q0. where P is the tuition price charged by other universities (in thousands of dollars) and Q0 is the number of CFCs who attend those universities.
    Eastern is now considering a proposal to subsidize some proportion k of the tuition charged to CFCs who attend other universities. Suppose Eastern knows that it can fill all its available slots with non-CFCs who pay tuition at the rate of $46,000yr. Assuming that all CFCs who do not attend other universities will go to Eastern, what value of k will maximize Eastern’s tuition revenues, net of outside subsidies, if the tuition price at all other universities is $26,000yr ?Instructions: Round your answer to 2 decimal places.

  • (Answered) Question 10 (1 point)✓ SavedSuppose a central bank increases the quantity of money by 15 percent….

    ➤ How do nominal and real interest rates respond when inflation rises permanently?
    The Fisher relationship explains the response: nominal interest rates increase roughly one-for-one with expected inflation, while real interest rates are set by real saving and investment forces. Lenders demand higher nominal rates to offset inflation, but the long-run real interest rate is determined by real economic fundamentals.

  • (Answered) 2:54 PM Mon May 12The above figure shows the market for DVDs. The government decides that all…

    The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs.
    After this price ceiling is in effect and taking account of the resources lost in search, consumer surplus equals
    A) $400,000.
    B) $200,000.
    C) $180,000.
    D) $100,000.
    After this price ceiling is in effect, producer surplus equals
    A) $900,000.
    B) $400,000.
    C) $200,000.
    D) $100,000.
    After this price ceiling is in effect, deadweight loss equals
    A) $1,600,000.
    B) $200,000.
    C) $800,000.
    D) $1,800,000.

  • (Answered) Show me the steps to solve 5. Home produces two goods, computers and wheat, for which capital is…

    Show me the steps to solve 5.
    Home produces two goods, computers and wheat, for which capital is specific to computers, land is specific to wheat, and labour is mobile between the two industries. Home has 100 workers and 100 units of capital but only 10 units of land.
    a. Draw a graph with the output of wheat on the vertical axis and the labour in wheat on the horizontal axis. What is the relationship between the output of wheat and the marginal product of labour in the wheat industry as more labour is used?
    b. Draw the production possibilities frontier for Home with wheat on the horizontal axis and computers on the vertical axis.
    c. Explain how the price of wheat relative to computers is determined in the absence of trade.
    d. Draw a figure with the amount of labour used in wheat measuring from left to right along the horizontal axis and the amount of labour used in computers moving in the reverse direction.

  • (Answered) Question 41 ptsWhen does a country have a comparative advantage in the production of a good?When it…

    ➤ Why do countries gain from specializing and trading?
    Specializing in goods with lower opportunity costs increases total world output. Trade lets countries consume beyond their own production possibility frontiers. This raises efficiency, lowers relative prices, and expands available variety. The exact gains depend on how the terms of trade divide the benefits between partners.

  • (Answered) Suppose the estimated supply function for avocados is given by QS = 48 + 15p – 10pf , where pf is…

    Suppose the estimated supply function for avocados is given by QS = 48 + 15p – 10pf , where pf is the price of fertilizer. The estimated demand for avocados is given by Qd = 233 – 40p + 5pt , where pt is the price of avacados per pound.a. (3) Solve for the initial equilibrium price and quantity of avocados when the price of fertilizer, pf , is equal to $0.90 per lb. and the price of avacados, pt, is equal to $0.80 per lb.b.Solve for the initial equilibrium price and quantity of avocados if the price of fertilizer, pf , increases to $2.00 per lb. and the price of avacados, pt, remains $0.80 per lbc. Use these equilibrium values from parts a. and b. to solve for the price elasticity of demand for avocadosd. Given your calculations, are avocados elastic, inelastic or unit-elastic? How have total expenditures on avocados changed as a result of the change in the price of fertilizer?