Economics Answers

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If the working age population is 250 million, 170 million are employed and 9 million are unemployed, the unemployment rate is

a) 3.6%


b) 5.0%


c) 6.8%


d) 7.0%

Which of these is an indicator of increased economic growth in a nation?

a) increased job satisfaction


b) increased aggregate demand


c) increased welfare applications


d) increased transfer payments by the government

“I cannot believe the demand for Snoopy gear. Ever since Uno the Beagle, won Best in Show at the Westminster Dog show, we can’t keep the merchandise on the shelves. I think we can raise prices on this merchandise”. Please explain this statement.

The demand and supply functions of beans are respectively given as 20QB +15PB-5PR=6000 and 10QB-15PB=1200. Similarly, the demand and supply of rice are QR+PR-PB=250 and 3QR-7PR=710. PB and PR are prices of beans and rice. QB is demand of beans and QR is demand of rice. Find the equilibrium price and quantity of beans and rice. A rice and beans substitute? Explain your answer.

Income and substitution effect

draw a ump graph where x and y are both inferiore goods
hint ( its impossible) how can i solve this ?

In the economy of Keynesian Island, autonomous consumption expenditure is $50 million, and the marginal propensity to consume is 0.8. Investment is $160 million, government expenditure is $190 million, and net taxes are $250 million. Investment, government purchases, and taxes are constant−they do not vary with income. The island does not trade with the rest of the world.

a. Draw the aggregate expenditure curve. (7 marks)

b. What is equilibrium real GDP for Keynesian Island? (3 marks)

c. What is the size of the multiplier in Keynesian Island's economy? (2 marks)

d. If the government increases its purchases by $200 million, what will be the change in the economy's equilibrium real GDP? (3 marks)

The demand and supply functions of beans are respectively given as 20QB +15PB-5PR=6000 and 10QB-15PB=1200. Similarly, the demand and supply of rice are QR+PR-PB=250 and 3QR-7PR=710. PB and PR are prices of beans and rice. QB is demand of beans and QR is demand of rice. Find the equilibrium price and quantity of beans and rice. A rice and beans substitute?i