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a. Explain why the law of demand applies to food just as it does to all other goods and services. b. Explain how the substitution effect influences food purchases and provide some examples of substitutions that people might make when the price of food rises and other...
Some people say that since inflation can be reduced in the long run without an increase in unemployment, we should reduce inflation to zero. Others believe that a steady rate of inflation at, say, 3 percent, should be our goal. What are the pros and cons of these two...
How important is the division of labor to a capitalist economy? How does the division of labor lead to more efficient production? What are some examples of division of labor and specialization from your personal experiences?
The U.S. economy relies heavily on international trade. Choose two transactions at random that result from international trade; one where purchases are made from another country and one where the U.S. sends a product to another country. Identify the impact of each of...
What is the effect of a fiscal expansion on output and interest rates when exchange rates are fixed and capital is perfectly mobile?
Using real-world examples, evaluate the view that a rise in inflation rate will always result in negative consequences for the economy.
