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economics 14th global

Questions and Answers of Economics 14th Global

This chapter gave the equation for the multiplier as 11>11 - MPC22. Several important variables were held constant in arriving at this equation. Explain whether the value for the multiplier will
Comment on the assumption common to most economic models that all individuals are rational and make optimal decisions in response to economic incentives.
In the United Kingdom, patients can access non emergency hospital treatment for free if referred by a family doctor, also known as a general practitioner (GP). A patient gets in contact with the
What is the relationship between economic models and economic data?
Would the term “investment” be regarded as a microeconomic or a macroeconomic issue? Briefly explain.
What to produce, how to produce it, and who receives the goods and services produced. High-income countries like the United States have capitalist economic systems, which economists call market
David Ricardo was the first economist to suggest that two countries can benefit from trade even if one was less productive in all sectors of the economy. Explain the reasoning behind this suggestion
In the past, some governments have favored being selfsufficient and only import products that cannot be produced domestically. Do you believe that this is a sound economic policy? Explain.
Explain the difference between product markets and factor markets.
Very few economists would favor centrally planned economies, and few would favor an economy completely governed by markets. Why is a certain level of government intervention needed, even in market
Can you think of a good or service that is produced entirely by one company—without the purchase of any raw materials or other goods or services from another company? First, each member of the
Explain how market equilibrium is reached starting from a point at which the price of a good is above the equilibrium price.
Peter Kay is arguably the United Kingdom’s most successful comedian. In 2012, he broke the world record when his tour, Tour That Doesn’t Tour, became the world’s highest selling stand-up comedy
Once a market has reached its equilibrium price, it will never move away from it. Do you agree or disagree? Briefly explain.
Illustrate the demand and supply curves for lemonades and show what happens to the equilibrium price and quantity in the market in the following situations.a. The price of fresh fruit juice
What happens to the equilibrium price and the quantity of a good if both the demand curve and the supply curve shift toward the right? Briefly explain what would happen if the shift of the supply
The European Union (EU) has put a tariff system in place on imports of bananas from Latin America. The rationale behind this tariff system is that the imports of cheap bananas may damage domestic
Suppose an unknown parasite has been damaging the corn crops grown by a farmer. However, it seems that no one has adequate knowledge to be able to devise a remedy for this problem. How would you
A student writes the following: “When the producer of a good lowers its price, the demand curve shifts rightward and the price goes back to the initial level.” Briefly explain.
Following are four graphs and four market scenarios, each of which would cause either a movement along the supply curve for Volkswagen Golf or a shift of the supply curve.Match each scenario with the
Which curve did you find more difficult to understand: the demand curve or the supply curve? What specific difficulties did you have in understanding that curve? Working together, explain your
Define consumer surplus. Draw a graph to show the area that represents consumer surplus.
Define producer surplus. Draw a graph to show the area that represents producer surplus.
Why is equilibrium in a competitive market considered to be efficient?
What is meant by tax incidence?
Before you took this class, you might have heard someone say that “markets are efficient.” Compare the description of efficiency in this chapter with what you thought about efficiency prior to
In 1948, the United States experienced a potato surplus. Watch the video clip “Farm Journalist Potato Surplus” located in the MyLab course available for this text. For there to be a surplus, what
How are externalities related to the efficiency of competitive market equilibrium?
Is talking about an economically efficient (sometimes labeled “optimal”) level of pollution paradoxical? Explain.
What are the conditions under which private solutions to the problem of externalities are possible? Briefly describe them.
Define a Pigovian tax. Briefly list and explain the problems related to the implementation of the tax.
Define the four categories of goods illustrated in the chapter. How would you distinguish one from another?
Visitors of the Carrs Park, a public park in Wilmslow, England, can use all available facilities, which include tennis courts and playgrounds, for free. In addition to this, there is no entry fee to
Rhinos are poached for illegal trade in their horns, valued for their medicinal properties. According to an article in the BBC, a combination of GPS trackers, heart rate monitors, and hidden cameras,
The price of tapestries decreases by 15 percent, and this causes a decrease in the demand for them by 1 percent. Calculate the price elasticity of the demand for tapestries. Is it elastic or
Explain what it means to face a unit-elastic demand. Would you say that unit-elasticity of demand is an elastic demand or an inelastic one?
The following table presents data from a tourism operator on the average price of ocean cruise travel for one week and the number of ocean cruise passengers in 2018 and 2019.a. Calculate the price
Is the demand for tickets to a festival elastic or inelastic? What about the demand for furniture? Briefly explain.
The Adenium desert rose is a popular garden plant. In the following graph, the demand for Adenium desert rose potted plants shifted to the right because the price of seeds increased from $12 to
Find two examples for each of the following category of goods. Briefly explain what allows you to divide goods into the four categories.a. Normal goodsb. Inferior goodsc. Necessitiesd. Luxury goods
The markets for most food products are characterized by output growth and low income and price elasticities. Is the price elasticity of the demand for food products elastic or inelastic? What happens
Define the concept of price elasticity of supply. Think about the supply of beans: do you think that the supply of beans can be very price-elastic in the short term? How will the price elasticity of
Explain three uses of national income statistics.
Distinguish between the OECD Better Life Index and the Happy Planet Index.
Explain the workings of the business cycle.
1. Make a list of five durable goods and five nondurable goods used in your household. 2. Compare the contents of your list with the lists of others in your group.
Identify five goods or services that people might need a bank loan to purchase.
Read the following article and answer the questions that follow: 1. With reference to the data, state the extent of the decrease in business confidence between the last quarter of 2018 and the first
Draw an aggregate demand diagram to illustrate an increase in AD, and one that shows a decrease in AO. Be sure to label the axes accurately. Decide whether each of the following factors would lead to
Explain the differences between an increase in demand and an increase in aggregate demand.
Explain the difference between the components of aggregate demand and the determinants of aggregate demand.
Explain three factors that could cause an increase in the level of consumption in an economy.
Explain how a change in interest rates is likely to affect the level of investment in an economy.
Draw the Keynesian aggregate supply curve and add notes to your diagram to describe each of the phases.
How might each of the following expenditures by government contribute to an increase in the LRAS curve? 1. An apprentice sheet-metal worker. 2. Construction of the Zakim Bunker Hill Bridge, Boston,
Explain three possible causes of a decrease in the SRAS curve.
Explain the difference between the Keynesian AS and the new classical LRAS.
Explain the concept of potential economic growth.
Explain the difference between the equilibrium level of output and the full-employment level of output.
Explain the effects of an increase in long-run aggregate supply on national income and the price level.
Explain, from a new classical perspective, how an increase in aggregate demand will affect an economy in the short run and the long run.
1. Explain the elements that would be involved in a contractionary fiscal policy. 2. Use a fully labelled diagram to illustrate the effects of a contractionary fiscal policy. 3. Explain the
1. Explain the elements that would be involved in a contractionary, "tight", monetary policy. 2. Use a fully labelled diagram to illustrate the effects of a contractionary/tight monetary policy. 3
Explain how the government can use fiscal policy to alter the level of AD in the economy.
Explain how the government can use monetary policy to alter the level of AD in the economy.
Explain the difference between the nominal rate of interest and the real rate of interest.
Explain two factors that would cause the value of a country's Keynesian multiplier to increase.
Explain how commercial banks can create new money.
Explain two tools available to governments to control the money supply.
Explain what determines the equilibrium nominal interest rate.
Explain three different interventionist, supply-side policies.
Explain three different, market-based, supply-side policies.
Explain how a reduction in taxes may be considered as both a demand-side policy and a supply-side policy.
How might government spending on infrastructure be seen as both a demand-side policy and a supply-side policy?
Using a production possibilities curve, explain the costs of unemployment to a country.
Explain the cause of demand deficient unemployment.
Explain two possible causes of structural unemployment.
Explain the costs associated with unemployment.
Explain the difficulties involved in measuring the exact level of unemployment.
Explain two policies that might be used to reduce the natural rate of unemployment.
Explain crowding out.
Explain how automatic stabilizers may reduce the effectiveness of fiscal policy.
In the last two quarters, economic growth has been -0.25% and - 0. 5%, respectively. This is proof that the economy is now in recession. The biggest effect of this is to be seen in the labour market,
1. Using an AD/SRAS diagram, explain how contractionary policies could be used to reduce demand-pull inflation. 2. a) Using an AD/SRAS diagram, explain how contractionary policies could be used to
1. Draw, and label fully, a SRAS/AD diagram to show how "bad" deflation comes about. 2. Explain, using the diagram, how "bad" deflation is caused. 3. Draw, and label fully, a LRAS/AO diagram to
Using definitions and actual values in your answers, identify the period of time in which Japan experienced: a) inflation b) disinflation c) deflation. Time % change in consumer prices 2 w Jan-08
Read the article below and then answer the following questions: a) Explain the difference between deflation and disinflation referred to in paragraph 1. b) Identify and explain the advantages of
The price index figures for country X for two years are shown below:Base year= 2019 1. Calculate the average index for each year. 2. Calculate the unweighted inflation rate for 2022/23. The
Explain the concept of demand-pull inflation.
Explain the concept of cost-push inflation.
Explain the monetarist explanation of inflation.
Explain three consequences of inflation.
Explain three consequences of deflation.
Explain three problems involved in the measurement of inflation.
Explain why there may be a trade-off between inflation and unemployment in the short run.
Read the table below relating to Canada: Calculate the economic growth rate: a) from 2015 to 2016 b) from 2016 to 2017. Year 2015 2016 2017 Real GDP (millions of $] 1,697,000 1,721,000 1,774,000
Explain how economic growth may bring about an increase in potential output. the world, especially China. China's foreign direct investment in new projects such as renewable energy, textile factories
Explain how investment may result in economic growth.
Developing corm fries in Asia, like Vietnam, are seeing an upturn in investment from many parts of the world, especially China. China's foreign direct investment in new projects such as renewable
Household income data, by quintile, for Sweden and South Africa are given in the following table. There is also Gini coefficient data. a) On one graph, plot accurate Lorenz curves for both

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