Choose from the bold choices below.  In the US, GDP per capita is about $60K and in Mexico it is $8K. If you had to make an educated guess, used cars would be a Normal good or inferior good and new cars are inferior or normal goods?

Q: Which of the following transactions is considered an intermediate good? A Tires sold by Goodyear to…

A: Intermediate goods are those goods which are used in the production of final goods. Tires sold by…

Q: Consider Snackistan, a hypothetical country that produces only burgers. In 2016, a burger is priced…

A: Money neutrality says that change in money supply has no effect on real variable. Only nominal…

Q: Group 1 countries reduce their demand for oil by 60 units through aggressive conservation policies…

A: The world equilibrium price is determined by the intersection of the world demand curve and the…

Q: Consider Katmai, a hypothetical country that produces only crab cakes. In 2019, a crab cake is…

A: 2019 Calculation:Price of a Crab Cake: $8.00Amount of Money Available: $900To find out how many crab…

Q: It’s the year 2050, and things are a little crazy (crazier?) in America. Sen. Shellow Bazic (Texas)…

A: The labour market can be characterised as the relationship of workers and their employers in the job…

Q: can fair trade or other types of ethical consumerism make a big difference for the global South…

A: Fairtrade is the international body that is developed to help the producers of the countries and…

Q: Explain how the covid -19 virus pandemic has affected  the united states economy.

A: Covid-19 stands for Coronavirus Disease which started in 2019. This diseases has affected most of…

Q: what is the best description of a normal good?

A: Normal goods are those goods which see an increase in their qty demanded(Qd) with the increase in…

Q: Even though Jeremy is a better gardener and novelist than Bill, Jeremy still hires Bill as his…

A: Suppose, there are two countries A and B. If both the countries produce two goods i.e. cotton and…

Q: None

A: A cut in the price of pork means that the quantity of pork supplied will be small because producers…

Q: How does the U.S. Bureau of Labor Statistics gather information with regard to the typical…

A: Consumption is an expenditure incurred by the residents of a country on its daily needs. Consumption…

Q: All the following government policies are likely to increase the quantity of some products that are…

A: While examining the effect of government arrangements on the development of merchandise,…

Q: You are the economic advisor of the ruler of Pongo.  Suppose the people in the country of Pongo…

A: Answer -

Q: According to the Canadian Centre for Substance Abuse and Addiction, what are the recently estimated…

A: I have directly reffered to the Canadian Centre for Substance Abuse and Addiction's report titled…

Q: Price gouging is frowned upon by the government. Discuss why economists are not as worried about the…

A: Price gauging is all about the customers in creating the counting and at every level of the company,…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: It has been provided that, For plant A: MCx = 10 MCy = 5 For plant B: MCx = 5 MCy = 4

Q: In the country of Mordor, the government spent $100 million on swords. Prices do not rise at all,…

A: Marginal propensity to consume (MPC) is the ratio of the change in consumption (∆C) to the change in…

Q: One of the most important sources of mortality risk worldwide is traffic accidents. How can the…

A: The possibility or probability of death or mortality is referred to as mortality risk. It is a…

Q: Consider Snackistan, a hypothetical country that produces only burritos. In 2019, a burrito is…

A: Government spending implies money spent by the public sector on the acquisition of products and…

Q: The UK is currently building HS2, a new railway that runs from London to the north of England.…

A: The relationship between the amount required (horizontal axis) and the price of an item or service…

Q: Using the supply and demand framework, predict the impact on the equilibrium quantity of cars if…

A: Consumer income is one of the determinants of the demand curve. When consumer income decrease then…

Q: Give a one or two-sentence explanation of each curve using proper economic terms. Be sure to…

A: Supply curve shows the positive relationship between the price and quantity supplied. The rise in…

Q: The MRS of good Y at Point A on IC, is: Good X 10 IC IC, 12 Good Y 10

A: In economics, the marginal rate of substitution (MRS) is the quantity of one good that a customer is…

Q: A publisher of academic books charges a premium price for its books in the U.S. It charges much…

A: Purchasing power refers to the goods and services that can be purchased with a currency unit. It is…

Q: The "A" index is a proxy for the world price of cotton. From January to October 2010, the price…

A: Demand is amount of a good that consumers are willing and able to purchase at different…

Q: U.S. agriculture subsidies make food look artificially inexpensive to consumers. So, these…

A: Agriculture subsidies is one of the most important way, the government intervenes the market and…

Q: Consider Tralfamadore, a hypothetical country that produces only cakes. In 2017, a cake is priced at…

A: The price of the cake is given to be $4 in the year 2017. This means that when the economy has $900…

Q: At prices below equilibrium, the quantity exchanged is equal to the quantity supplied. True, false,…

A: When the price is below equilibrium point, people demand more and producers supply less amount of…