Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 7P
To determine
a)
The mistake in the statement that, Government revenues will always increase with an increase in the taxes.
Concept introduction:
When one variable varies systematically with another variable.
Capacity of one variable to influence other.
Period of economic decline with low production and
To determine
b)
The mistake in the statement that, we should increase the imports in case of recession.
Concept introduction:
When one variable varies systematically with another variable.
Capacity of one variable to influence other.
Period of economic decline with low production and demand.
To determine
c)
The mistake in the statement that, US steel industry and the entire economy is helped by increasing the tariff on imported steel.
Concept introduction:
When one variable varies systematically with another variable.
Capacity of one variable to influence other.
Period of economic decline with low production and demand.
To determine
d)
The mistake in the statement; to reduce the national debt, US government can sell the gold in Fort Knox at $1200 per ounce.
Concept introduction:
When one variable varies systematically with another variable.
Capacity of one variable to influence other.
Period of economic decline with low production and demand.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
(21)
Carla just started her new job working at the Department of Commerce. In order to see whether Carla “knows her stuff,” her boss asks her to put together a presentation on the current state of the economy. What economic indicators should Carla look at?
Select one:
a. The unemployment rate, business profits, and auto sales.
b. The growth rate of real GDP, employment in the steel industry, and Oil prices.
c. The inflation rate, the unemployment rate, and the growth rate of real GDP.
d. The inflation rate, the unemployment rate in Georgia, and mortage interest rates in Texas.
(22)
Price ceilings typically result in ________.
Select one:
a. shortages
b. price equilibrium
c. excess supply
18) please help, thanks
D6)
How can markets explain the “hockey stick” phenomena?
Select one:
a.
Markets were mostly immature in the early 18th century. They helped the firms to grow easily.
b.
Markets contribute to the economy by increasing the productivity of labour, by allowing people to specialise in the production of goods.
c.
The political and economic conditions in Great Britain helped the markets to grow faster so that GDP per capita increased substantially.
d.
All of the above.
Knowledge Booster
Similar questions
- 4. Macroeconomics is a field of economics which concerns performance, structure, behavior, and decisions of an economy at aggregate levels. There are three key issues in macroeconomics, e.g. output growth, price level and employment. Finish the questions of macroeconomic concepts and issues as following. (1) Consumer Price Index (CPI) is a price indicator to reflect price levels over time. As a key economic indicator, CPI is computed monthly by the Bureau of Labor Statistics (BLS) using a "market basket" purchased by the typical consumer each month. Suppose you are doing a study to yearly price levels (CPI) of a metropolitan area in the US. Its CPI includes three categories, Food (grocery), Energy (gasoline) and other items (all goods and services less food and energy). The table below provides you the prices of the three categories in 2019, 2020 and 2021. Also, you have the units purchased by a typical consumer in these three categories. Use 2019 as the base year, to show step-by-step…arrow_forwardPleasearrow_forward1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?arrow_forward
- 1arrow_forward3arrow_forward6. Normative and positive statements The following table contains statements that provide some analysis of policies that address the financial crisis of 2007-2009. Categorize each statement as positive or normative. Statement The financial crisis was caused by faulty mathematical models that encouraged excessive risk taking. The lack of effective regulation contributed to a risk-seeking culture in the financial services industry. Central banks should have imposed tighter regulations on banks to prevent the financial crisis. Executives of banks that received financial assistance from the government should not have received bonuses. Positive Normative O O O O O OOarrow_forward
- 2 The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur? Capital per hour worked (labor) grew rapidly from 1950 to 1980, but technological change occurred very slowly. Capital per hour worked (labor) grew slowly, but technological change grew very rapidly. Increasing implementation of new technologies eventually suffered diminishing marginal returns. The centrally planned economy invested too heavily in technological change. Consumption goods eventually took priority.arrow_forward[Microeconomic theory] Explain in a picture what is meant by Corner Solution? Illustration of haram and halal goods, ice cream and hot coffee during the rainy season.arrow_forward6. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. A consumer's optimal choice when buying a flat-screen TV The effect of federal government spending on the national unemployment rate The effect of a cigarette tax on the quantity of cigarettes sold Microeconomics Macroeconomics οιοιοarrow_forward
- CRUDE OIL: COMMUNITY ENGAGEMENT OF A MULTINATIONAL OIL COMPANY Greg breathes a sigh of relief,thankful that he wouldn’t have to ask for directions to his office (again). It has been an exhausting first week. Once inside his office, Greg smiles fondly at a framed photo of a younger, sweatier version of himself (losing badly while) playing football with Peruvian community leaders. His focus on maintaining positive relationships with local Peruvian communities while handling his former company’s mining operation in the Amazon basin had attracted the attention of national media. After The Peruvian President retweeted the picture of Greg and his team playing football with the Peruvians, Greg became somewhat of a celebrity for a few days. Greg likes to joke that he keeps the photo in his office to remind himself of one of his greatest victories (the community engagement project was a huge success) and one of his greatest failures (Greg’s team lost the football game 9-0). Greg Cook steps…arrow_forwardurgentarrow_forward19- : Which economics studies the behavior of economic units, the interaction of consumers and firms? a) international Economics B) Macro economics NS) growth economics D) monetary economics TO) microeconomicsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
