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A lack of electricity regularly results in power failure in Lebanon. The daily gap between supply and demand may increase if the Lebanese economy continues to grow. The Lebanese Government is planning to build more power stations but there is a risk that the social costs of operating power stations may be greater than the social benefits.
Discuss whether the social costs of operating power stations are likely to be greater than the social benefits.
Q3. Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls 100 Plus 2006 Price RM2.00 RM4.00 RM1.00 2006 Quantity 100 100 200 2007 Price RM2.00 RM6.00 RM2.00 2007 Quantity 100 100 200 a. What is the percentage change in the price of each of the three goods? b. Using a method that similar to the consumer price index, compute the percentage change in the overall price level. c. If you were to learn that a bottle of 100 Plus increased in size from 2006 and 2007, should that information affect your calculation of the inflation rate? If so, how? d. If you were to learn that a bottle of 100 Plus introduced new flavors in 2007, should that information affect your calculation of the inflation rate? If so, how?
If the supply function in a market of face mask is Q = -10 + 10P and the demand function is 18 - 4P, and the government puts in a price floor at Php 3, what will the result be?
The central bank of your assigned Caribbean country decides to pursue an expansionary monetary policy. (i) Identify one possible action they could take. (1 mark) (ii) Carefully explain, in as much detail as possible, how the chosen action will impact the money market. (5 marks) (iii) Illustrate the overall impact of the chosen action on the money market. (3 marks)
(c) Suppose that 20,000 of the employed switches to jobs in the underground
economy. When interviewed by STATIN, 50% of these switchers report that they
are not working and not seeking work, while the other 50% report that they are
not working but seeking work. Explain what happens to the official
unemployment rate and the “true” unemployment rate. (2 marks)
(d) Illustrate and carefully explain the impact of an increase in the income tax rate
from 25 percent to 35 percent on the demand for labour, supply of labour,
equilibrium wage and level of employment. (6 marks)
(f) With the aid of a well labelled diagram, carefully explain the impact on the
money market if there was a discovery of gold that fuels inflation. (5 marks
7. What is the basic economic problem and what its implication on the life of its individual especially this time of pandemic?
8. How might a person get the skill needed for the opportunity to their occupational level and earn a higher income when there is a significant decrease in the economy due to covid-19 pandemic resulting to higher rate of unemployment?
9. During this covid-19 pandemic the world suffer scarcity resources. As a citizen of the philippines how would you use this scarcity to uplift our present status explain?
10. How do the basic factors of production influence the choices made by producers to satisfy individual needs?
11. What effects do insufficient natural resources have on the choices made by individual consumer justify by citing an example?
12. Explain how does scarcity force people to make economic choices?
Note: Each item consist of 200 words thnks a lot
1. How are the four factors production used in satisfying wants and needs of an individual with unstable economy and high rate of unemployment? Explain by citing an example.
2. How does scarcity affect the production of goods and services in relation to the factors of production? Justify your answer.
3. Explain the concept of production possibilities curve and understand the implication of its downward slope and bowed out shape?
4. Explain what is meant by a production possibility curve and how you use it to explain the concept of scarcity, choice, and opportunity cost?Justify your answer.
5. What is scarcity in how does it relate to the definition of economics?
6. Explain the view that an understanding of the principles of scientific decision-making is fundamental to the success of modern economy during this time of pandemic?
Note: Each item consist of 200 words thnks a lot....
How equilibrium price and quantity or determine the market using the demand and supply concepts explain?
Subj: Intro to Economics with LRT
Video: https://youtu.be/aiOLkRRyrIo
1. What is the reason why drugs is an inelastic demand? explain the say's law and which they tried to reduce the supply, but the notion of these theory is not always the case. Explain clearly why, based on the video.
2. They tried to reduce the demand througu rehabilitation and prevention, but no avail and it made it worse, why is that? Explain clearly based on the video.
3. On the video, could legalization be a solution to this issue? yes or no then explain. Also, kindly enumerate at least 3 disadvantage and advantage based on your final answer. Explain clearly each.
4. What is the "The Controlled Substances Act (CSA)"that was enacted by President Nixon in the 1970s? Explain the reason why he issued it and how it started?
Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment.
