Questions from General Economics

Q: Why does gross output do a better job than GDP of measuring

Why does gross output do a better job than GDP of measuring overall economic activity? How could you construct a new statistic that focused only on non-final economic activity? Given what you know abo...

Q: What information is contained in an indifference curve? Why are such

What information is contained in an indifference curve? Why are such curves (a) downsloping and (b) convex to the origin? Why does total utility increase as the consumer moves to indifference curve...

Q: Complete the following table and answer the questions below: /

Complete the following table and answer the questions below: a. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? b. â€&...

Q: Mrs. Simpson buys loaves of bread and quarts of milk each

Mrs. Simpson buys loaves of bread and quarts of milk each week at prices of $1 and 80 cents, respectively. At present she is buying these products in amounts such that the marginal utilities from the...

Q: How can time be incorporated into the theory of consumer behavior?

How can time be incorporated into the theory of consumer behavior? Explain the following comment: “Want to make millions of dollars? Devise a product that saves Americans lots of time.”

Q: Explain: a. Before economic growth, there were too

Explain: a. Before economic growth, there were too few goods; after growth, there is too little time. b. It is irrational for an individual to take the time to be completely rational in economic deci...

Q: Place the phases of the business cycle in order. a

Place the phases of the business cycle in order. a. Recession b. Trough c. Peak d. Expansion

Q: Most economists agree that the immediate cause of the large majority of

Most economists agree that the immediate cause of the large majority of cyclical changes in the levels of real output and employment is unexpected changes in ___________________. a. The level of tot...

Q: Suppose that an economy has 9 million people working full time.

Suppose that an economy has 9 million people working full time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged workers who have gi...

Q: Label each of the following scenarios as either frictional unemployment, structural

Label each of the following scenarios as either frictional unemployment, structural unemployment, or cyclical unemployment. a. Tim just graduated and is looking for a job. b. A recession causes a loc...