Questions from Macroeconomics

Q: Based on the data below, identify which good each person has

Based on the data below, identify which good each person has a comparative advantage in producing. a. Person A can produce the following three combinations of goods: (1) 10X and 0Y, (2) 5X and, (3...

Q: Many of the proponents of price ceilings argue that government-mandated

Many of the proponents of price ceilings argue that government-mandated maximum prices simply reduce producers’ profits and do not affect the quantity supplied of a good on the market. What must the s...

Q: Illustrate scarcity, opportunity cost, and economic growth within a PPF

Illustrate scarcity, opportunity cost, and economic growth within a PPF framework of analysis.

Q: A country is currently experiencing a high unemployment rate. Diagrammatically represent

A country is currently experiencing a high unemployment rate. Diagrammatically represent the country within a PPF framework of analysis.

Q: Suppose both demand and supply rise, but equilibrium price does not

Suppose both demand and supply rise, but equilibrium price does not change. Why? Explain your answer and represent it diagrammatically.

Q: Explain how to derive a market demand curve and represent your explanation

Explain how to derive a market demand curve and represent your explanation diagrammatically.

Q: Does an increase in income always shift demand curves (for goods

Does an increase in income always shift demand curves (for goods) to the right? Why or why not?

Q: What is the difference between a change in demand and a change

What is the difference between a change in demand and a change in quantity demanded? Between a change in supply and a change in quantity supplied?

Q: If the supply of a good declines, what happens to consumers’

If the supply of a good declines, what happens to consumers’ surplus? Explain your answer and represent it diagrammatically.

Q: Suppose demand increases more than supply increases. Represent diagrammatically what happens

Suppose demand increases more than supply increases. Represent diagrammatically what happens to equilibrium price and quantity.