Economics Answers

two reasons in favour of price gouging

Explain what the IS curve represents

a. Given the following simultaneous equations:

y=2x2+3x+2

And

y=x2 +2x+8

Solve for x and y.

what is the most typical used measure of a country's level of development

Suppose, you have a utility function u(X1,X2) = X1 X2. Your budget constraint is 3X1+2X2= 60.

X1 and X2 are the amount of consumption of the two goods. Find the equilibrium level of utility.

Two hundred citizens in country X were asked about their support for three projects in the country, a hospital, a school and a market place. The following results were obtained 2 citizens support all the three projects,12 citizens support the hospital and the market 40 citizens support the school and the market, 30 citizens support the hospital,80 citizens support the school and 50 students support market place project, with aid of Venn diagram, Determine how many citizens in that country

i) Do not support any of three projects

ii) Support the hospital only

ii) Support neither the hospital nor the school

iv) Support at least two projects in the country

what is consumption function

Given the demand for a product as Qd=26-8P and the supply as Qs=-16+6P. You are told equilibrium is obtained at the point where Qd=As.The equilibrium price for the product is

Assume that the full-employment income level is higher than the equilibrium income level. Full employment can be reached if a)exports increase.

b)imports decrease.

c)the tax rate decreases.

a. All the statements are correct.

O b. a and c

c. a

O d. b

O e. c

The introduction of taxes to the Keynesian model...

O a. Increases investment spending at each positive level of income.

O b. Cause the slope of the consumption curve to become steeper.

O d. Causes the consumption function to shift parallel upwards.

O e. Causes the consumption function to shift parallel downwards.

O c. Flattens the consumption curve.