Economics Answers

If consumers expect prices to decrease for good X, other things being unchanged, this will shift the: what??

Jumping Joe’s Night Club has found that when they offer half price admission to the club on Wednesday nights (when business is typically slow), their total revenue rises. (a) Is their demand elastic? Explain. (b) Is it a good idea for them to continue with this promotion? Why?

How responsive are your grades to a change in the amount of studying you do? For example, if you increased your study time by 25%, how would your grades respond? State these estimates as elasticities. Are your estimates high or low? Would it be worth your while to study more for each class? Explain.

Which one of the following factors could have caused the Rightward shift in the curve from AD0 to AD1, ceteris paribus?

[1] An increase in total production
[2] A decrease in the government spending
[3] An increase in taxes
[4] A reduction in imports

Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 and 2017.

2016 2017
Good Quantity Price Quantity Price
Cocoa 1000 2 1100 3
Timber 500 10 525 8

Using 2016 as a base year, real GDP in 2017 is ...
[1] 3125
[2] 7500
[3] 5250
[4] 7450

Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 and 2017.

2016 2017
Good Quantity Price Quantity Price
Cocoa 1000 2 1100 3
Timber 500 10 525 8

Between 2016 and 2017, nominal GDP grew by ...
[1] 5.25%
[2] 10%
[3] 5%
[4] 7.14%

Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 and 2017.

2016 2017
Good Quantity Price Quantity Price
Cocoa 1000 2 1100 3
Timber 500 10 525 8

Nominal GDP in 2016 is ...
[1] 2000
[2] 3625
[3] 7000
[4] 5000

If 8 million kegs are sold, MB exceeds MC, which means that

Housing prices rose very rapidly during 2002 to 2007. Show and explain why.

You have been lucky enough to obtain tickets to a blue jays game in toronto. The opportunity cost of going to the game is the next best alternative use of the time you spend going to see the game

true or false and why ?