Questions from General Economics


Q: Refer to the accompanying table in answering the questions that follow:

Refer to the accompanying table in answering the questions that follow: a. If full employment in this economy is 130 million, will there be an inflationary expenditure gap or a recessionary expendit...

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Q: Answer the following questions, which relate to the aggregate expenditures model

Answer the following questions, which relate to the aggregate expenditures model: LO8 a. If C is $100, Ig is $50, Xn is –$10, and G is $30, what is the economy’s equilibrium GDP? b. If real GDP in an...

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Q: A “mathematically fair bet” is one in which the amount

A “mathematically fair bet” is one in which the amount won will on average equal the amount bet, for example when a gambler bets, say, $100 for a 10 percent chance to win $1,000 ($100 = .10 x $1,000)....

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Q: Suppose that Glitter Gulch, a gold mining firm, increased its

Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $100 million to $200 million between one year and the next. Assuming that the price of gold increa...

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Q: Rank each of the following three gift possibilities in terms of how

Rank each of the following three gift possibilities in terms of how much utility they are likely to bring and explain your reasoning.  A store-specific gift card worth $15, a $15 item from that s...

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Q: In what way is criminal behavior similar to consumer behavior? Why

In what way is criminal behavior similar to consumer behavior? Why do most people obtain goods via legal behavior as opposed to illegal behavior? What are society's main options for reducing illegal...

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Q: Mylie’s total utility from singing the same song over and over is

Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 70 utils after three repetitions, 20 utils after four repetitions, -50...

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Q: John likes Coca-Cola. After consuming one Coke, John

John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does J...

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Q: Suppose that Omar’s marginal utility for cups of coffee is constant at

Suppose that Omar’s marginal utility for cups of coffee is constant at 1.5 utils per cup, no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first do...

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Q: Columns 1 through 4 in the table below show the marginal utility

Columns 1 through 4 in the table below show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utilit...

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