MACRO ECON 6
MACRO ECON 6
6th Edition
ISBN: 9780357689820
Author: MCEACHERN
Publisher: CENGAGE L
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Chapter 13, Problem 4P

Sub-part

A

To determine

The name of the product that serves as a commodity as well as money.

Concept Introduction:Money has a major influence on the lives of most people. The more money a person makes, the more goods and services he can consume, resulting into a higher standard of living.

Sub-part

B

To determine

The form of money that has face value greater than the value of materials from which it is derived..

Concept Introduction:Money has a major influence on the lives of most people. The more money a person makes, the more goods and services he can consume, resulting into a higher standard of living.

Sub-part

C

To determine

fill in the blank, when the government declares that the creditors should accept money as payment for debts, the money becomes_________.

Concept Introduction:Money has a major influence on the lives of most people. The more money a person makes, the more goods and services he can consume, resulting into a higher standard of living.

Sub-part

D

To determine

The name of the unit of measurement.

Concept Introduction:Money has a major influence on the lives of most people. The more money a person makes, the more goods and services he can consume, resulting into a higher standard of living.

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1. After the reopening of borders with mainland China following the COVID-19 lockdown, residents living near the border now have the option to shop for food on either side. In Hong Kong, the cost of food is at its listed price, while across the border in mainland China, the price is only half that of Hong Kong's. A recent report indicates a decline in food sales in Hong Kong post-reopening. ** Diagrams need not be to scale; Focus on accurately representing the relevant concepts and relationships rather than the exact proportions. (a) Using a diagram, explain why Hong Kong's food sales might have dropped after the border reopening. Assume that consumers are indifferent between purchasing food in Hong Kong or mainland China, and therefore, their indifference curves have a slope of one like below. Additionally, consider that there are no transport costs and the daily food budget for consumers is identical whether they shop in Hong Kong or mainland China. I 3. 14 (b) In response to the…
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