Economics Answers

What is business cycle? Mention the phases of a business cycle with graphs."An economy may not go through all the phases of a business cycle if there is any government intervention in the economy"-Do you agree with the statement? Justify your answer.

What is unemployment? Do you think in a full employment situation there may remain 2-3% unemployment in economy?Why or Why not?

"MPC of poor people is higher than that of the rich people"-Explain the statement.

Suppose household consumption is C=100+0.90Y, where Y=income, and investment is 150. Find the equilibrium output and consumption.

If the price of a luxury car is increased,will it have any influence on the inflation rate of the country? Recently,the price of the necessary commodities has been rocketed high. What are the factors you think liable for this price increase? How this price increase can be brought into control?

Suppose,the saving function of a society is as follows:
S=-100+0.25Y ,where S=Total saving and Y=Disposable income,Answer the following questions:
a.What is the amount of dissaving?
b.What is the total saving when disposable income is 4000?
c.What is induced consumption when disposable income is 2000?
d.Find MPS

The following data were obtained from a survey of college students. The variable X represents the number of non-assigned books read during the past six months.
x
x
0
1
2
3
4
5
P (X=x)
0.20
0.25
0.20
0.15
0.10
0.10

Find P( X > 1)
A.0.20
B.0.80
C.0.55
D.0.45

A Wendy’s fast-food restaurant sells hamburgers and chicken sandwiches. On a typical weekday, the demand for hamburgers is normally distributed with a mean of 450 and standard deviation of 80 and the demand for chicken sandwiches is normally distributed with a mean of 120 and standard deviation of 30.

How many chicken sandwiches must the restaurant stock to be 99% sure of not running out on a given day? Place you answer, rounded to the nearest whole number in the blank. For example, 345 would be a legitimate entry.

A random variable X is normally distributed with a mean of 175 and a standard deviation of 50. Given that X = 150, its corresponding Z- score is –0.50.

true or false

Make a critical analysis of the effect of technology on export output in Nigeria.