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What is the reason for the downward slope of the AD curve?
a.
As the price level increases, aggregate output and income increase.
a. As the price level increases, aggregate output and income increase.
b.
As the price level decreases, the central bank will reduce the interest rate leading to increase in investment and therefore aggregate demand and output also increase.
b. As the price level decreases, the central bank will reduce the interest rate leading to increase in investment and therefore aggregate demand and output also increase.
c.
Decrease in government spending and increase in tax.
c. Decrease in government spending and increase in tax.
d.
An increase in autonomous consumption.
Structural unemployment is best defined as unemployment caused by:
a.
A long-term decline in a particular industry
b.
A mismatch between available jobs and the unemployed
c.
Defects in the industrial and commercial structure
d.
A switch from labor-intensive to capital-intensive production methods
What is Economic growth
1.What is the significance in studying economics?
What are the importance of economic growth to a country
The demand and supply function of a good are given by
P = -3Qd +100
P =2Qs +50
Where p, Qd and Qs denotes the price, quantity demanded and quantity supplied respectively.
A. Calculate the equilibrium price and quantity.
A new fixed tax of £5 per good imposed by the government.
B. Calculate the new equilibrium price and quantity?
C. Who pays the tax?
Given the above demand equation if fixed costs are 15 and variable costs are 40 per unit.
D. Obtain and expression for profit in term of Q.
E. Sketch a graph for profit against quantity.
F. Find the breakeven point.
G. Find the quantity of products sold that given a profit of 42.
H. Find the maximum profit and the value of Q at which it is achieved.
The demand and supply function of a good are given by
P = -3Qd +100
P =2Qs +50
Where p, Qd and Qs denotes the price, quantity demanded and quantity supplied respectively.
A. Calculate the equilibrium price and quantity.
A new fixed tax of £5 per good imposed by the government.
B. Calculate the new equilibrium price and quantity?
C. Who pays the tax?
Given the above demand equation if fixed costs are 15 and variable costs are 40 per unit.
D. Obtain and expression for profit in term of Q.
E. Sketch a graph for profit against quantity.
F. Find the breakeven point.
G. Find the quantity of products sold that given a profit of 42.
H. Find the maximum profit and the value of Q at which it is achieved.
Qd = 100 – 5P and Qs = –20 + 3P. If the price is R10, then there will be a shortage of
The demand and supply function of a good are given by
P = -3Qd +100
P =2Qs +50
Where p, Qd and Qs denotes the price, quantity demanded and quantity supplied respectively.
Calculate the equilibrium price and quantity.
d = 26 - 8P and the supply is given as Qs = -16 + 6P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium quantity for the product is
