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This week you will read chapter 4 and will do questions 1, 2 and 16.
Question 1: In figure 4-9 label the boxes and the connecting lines with their appropriate titles. Use arrows to show the correct flows of economics activity for the complex circular-flow-model.
Question2: Using the circular-flow diagram, start at any point and explain how the circular flow of economic activity works.
Question 16: Who should exhibit corporate social responsibility: governments, or the manager or the stockholders or corporations? Explain your answer. Be complete.
Question 1: What conditions must exist in order for a market to function competitively? Is it easy to create these conditions?
Question 6: Consider Figure 3-11 and do the following:
a. Label both axes properly.
b. Label the demand curve and the supply curve.
c. Label the equilibrium price.
d. Label the equilibrium quantity.
e. What does one call the distance CD? Label it.
f. What does one call the distance AB? Label it.
g. Why is the equilibrium price the price that tends to be created?
b. Draw Curves showing (1) an inverse relationship between the two variables; (2) a direct relationship between them; (3) a curve that is positivley sloped. (4) a curve that is negatively sloped; (5) a curve in which all change is in the dependent variable; and (6) a curve in which all change is in the dependent variable. Label the curves 1, 2, 3, and so on.
5. Why are more and more societies relying on self-interest as the basis for incentives to economic activity.
Y = 2K
0.8 and that ECNLand initially has 200 units of labor and 800 units of capital.
a) Calculate the numerical value` marginal products of labor and marginal product of capital
One Bag of Rice
One Soft Drink
A Loaf of Bread
Total Cost of Bundle
If we select two bags of rice, (a) obtain the total cost of bundle in each period and the price index for 2017 and 2018 respectively taken 2016 as the base year.
b. Obtain the inflation rate for 2017 and 2018.
2. Suppose consumers change their consumption patterns over time in response to relative price changes, what implication does this have for the computation of price index?