1)How do markets to Shifts in the Demand and / or the Supply curve.What is the difference between a movement along a specific demand curve or supply curve and a shift of that demand or supply curve. Provide an example using the recent Corona Virus situation. 2) What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing? Question 3:Why did the Fed switch from increasing Federal Reserve target rates from Dec 2015 to Dec 2018 to reducing interest rates in August 2019? Question 4.Economists often say that trade is a win-win situation. How do you justify this? Why might well-educated economists disagree on appropriate public policy in some situations?Explain some policy options that the US and other countries are considering or implementing in terms of the Corona Virus crisis. 6. Carefully distinguish between an economic theory and economic model. What is the role of value judgments in economic analysis? 7. Harry Truman is credited with the statement, "Give me a one-armed economist," because economists are likely to say, "On the one hand, . . . on the other hand." Why do economists "waffle" more than physicists or chemists? 8. In the early 1800s, there was a smallpox outbreak in a remote part of Russia. The government sent in a large group of army doctors, but they were too late to stop the epidemic. Thirty years later, there was another smallpox scare. A local statistician cautioned the government against a similar response, noting the increased mortality and high number of army doctors during the earlier epidemic. Was the statistician providing good advice? 9. A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline's price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize? 10. Explain why an airline may decide to sell an air ticket to a stand-by passenger at less than the full-fare if there are empty seats on the airplane?
1)How do markets to Shifts in the Demand and / or the Supply curve.
What is the difference between a movement along a specific demand curve or supply curve and a shift of that demand or supply curve. Provide an example using the recent Corona Virus situation.
2) What is
Question 3:
Why did the Fed switch from increasing Federal Reserve target rates from Dec 2015 to Dec 2018 to reducing interest rates in August 2019?
Question 4.
Economists often say that trade is a win-win situation. How do you justify this?
Why might well-educated economists disagree on appropriate public policy in some situations?
Explain some policy options that the US and other countries are considering or implementing in terms of the Corona Virus crisis.
6. Carefully distinguish between an economic theory and economic model. What is the role of value judgments in economic analysis?
7. Harry Truman is credited with the statement, "Give me a one-armed economist," because economists are likely to say, "On the one hand, . . . on the other hand." Why do economists "waffle" more than physicists or chemists?
8. In the early 1800s, there was a smallpox outbreak in a remote part of Russia. The government sent in a large group of army doctors, but they were too late to stop the epidemic. Thirty years later, there was another smallpox scare. A local statistician cautioned the government against a similar response, noting the increased mortality and high number of army doctors during the earlier epidemic. Was the statistician providing good advice?
9. A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline's price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize?
10. Explain why an airline may decide to sell an air ticket to a stand-by passenger at less than the full-fare if there are empty seats on the airplane?
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