Economics Answers

What is the importance of studying economics [15 Marks]

Discuss whether a cut in taxation will reduce inflation. 

due to substantial increase in prices in country A ,the real income level of the population in country A decreases .show a diagram how the decrease in the income level in country A will affect the demand of meat ,which is a normal good .Also indicate how the equilibrium price and equilibrium quantity of meat will change in country A . The direction of any changes should be clearly indicated using arrows .Note that your diagrams should be properly annotated and that marks will be deducted for any missing labels on your diagram

Briefly define the following macroeconomic objectives and explain in your own words how each can be applied to improve the economy.

1. Economic growth and increasing employment
2. Stable and low inflation
3. Distributional and equity objectives and the reduction of inequality
4. Economic development and poverty reduction.

Is there any significant difference between learning Economics and teacher experience?

what do we call a good with an income elasticity less than zero?

You wear either shorts or tracksuit pants every day. You notice that tracksuit pants have gone on sale, so your demand for

A. tracksuit pants will increase.

B. tracksuit pants will decrease.

C. shorts will decrease.

D. shorts will increase.

If a decrease in income increases the demand for a good, then the good is

A.a substitute good.

B.a normal good.

C.an inferior good.

D. a complement good.

Is there any significant difference between learning Economics and teacher experience?

You love peanut butter. You hear on the news that 50 percent of the peanut crop in the Northern Cape has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year. As a result,

1.your demand for peanut butter will increase, but not until the end of the year.

2.your demand for peanut butter decreases as you look for a substitute good.

3.your demand for peanut butter increases today.

4.you will wait for the price of apricot jam to change before altering your demand for peanut butter.