Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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exactly how to‚ you just watch almost in tears as this puppy stays there very gloom and soaking wet. You finally decide to take a leap of chance and help the puppy‚ you go outside and the puppy gently lifts his head toward you and you notice it’s a pit bull. He is so skinny‚ starved‚ and parched‚ with the only thing to drink being muddy rain water. You slowly move closer and pet him‚ he lays his head on your leg‚ so you pick him up gently in your arms and you take him inside. When you set him down you
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Imagine this world without Pit Bulls‚ Pit Bulls do not always have to be vicious‚ any dog can be vicious but people only care about if it is a Pit Bull or a dog that looks like a Pit Bull. Now should Pit Bulls be allowed as pets‚ YES! They are great family pets. First‚ we should be allowed to have Pit Bulls as pets. Pit Bulls as pets. Pit Bulls were a respected breed‚ Pit Bulls were brought by Irish immigrants. They were specified as working dogs‚ otherwise they were hunters and guardians and
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Banning Pit Bulls Pit bulls are the most misunderstood dog breed in the world. When people hear the name pit bull they automatically think of dogs fighting and attacking. Pit bulls refers to a range of breeds and‚ often‚ a mixed-breed dog. People think they are a very dangerous breed of dog. Because of this‚ some areas do not allow pit bulls and breeds like them. I do not believe pit bulls should be banned or technical words are breed specific legislation. The National Caine Temperament
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Loughmiller Davis Research Paper 15 April 2011 Chief Sitting Bull Strong Hearted and Brave “I wish it to be remembered that I was the last man of my tribe to surrender my rifle.” Chief Sitting Bull is one of the most well known Native Americans to this day. He was known for fighting bravely for his people. He died while fighting off white soldiers that were forcing Chief Sitting Bull and his tribe of their own land. Chief Sitting Bull had a life that many people today would try to run from. Although
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Sitting Bull was born at an estimated around 1831‚ he died on December 15th 1890. Sitting Bull was born in Grand Rider‚ South Dakota and died in the same place. His occupation was a warrior and military leader. His mother’s name was Her-Holy-Door‚ his father’s was Jumping Bull. At birth Sitting Bull was originally names Jumping Badger. As a young teen he conferred the name Sitting Bull after he killed his first buffalo at the age of 10. At age 14 he joined Lakota warriors as a part of a raiding party
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