Questions from Macroeconomics

Q: Describe two ways the U.S. government tries to encourage

Describe two ways the U.S. government tries to encourage advances in technological knowledge.

Q: Discuss each of the following statements from the standpoints of equality and

Discuss each of the following statements from the standpoints of equality and efficiency a. “Everyone in society should be guaranteed the best healthcare possible.” b. “When workers are laid off, the...

Q: What is inflation and what causes it?

What is inflation and what causes it?

Q: What is the difference between a positive and a normative statement?

What is the difference between a positive and a normative statement? Give an example of each.

Q: Are the following statements true or false? Explain in each case

Are the following statements true or false? Explain in each case. a. “Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.”...

Q: Consider the following events: Scientists reveal that eating oranges decreases the

Consider the following events: Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Il...

Q: Describe the role of prices in market economies.

Describe the role of prices in market economies.

Q: Two drivers, Walt and Jessie, each drive up to a

Two drivers, Walt and Jessie, each drive up to a gas station. Before looking at the price, each places an order. Walt says, “I’d like 10 gallons of gas.” Jessie says, “I’d like $10 worth of gas.” What...

Q: A storm destroys half the fava bean crop. Is this event

A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic? Explain.

Q: At Fenway Park, home of the Boston Red Sox, seating

At Fenway Park, home of the Boston Red Sox, seating is limited to about 38,000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue, the City of B...