Tài liệu Ten Principles of Economics - Part 62 ppt

... head of the central bank said today that the bank intends to bail out many of the nation’s bankrupt finan- cial institutions by buying back their multibillion-ruble portfolios of Govern- ment ... quantity of money sup- plied. This equilibrium of money supply and money demand determines the value of money and the price level. Quantity fixed by the Fed Quantity of Money Value of...

Ngày tải lên: 15/12/2013, 11:15

... various mixes of output that an economy can produce. It illustrates one of the Ten Principles of Economics in Chapter 1: People face tradeoffs. Here the farmer faces a tradeoff between produc- ing meat ... case of babies and mini- vans. Couples often buy a minivan in anticipation of the birth of a child. The Violent Crimes (per 1,000 people) Police Officers (per 1,000 peopl...

Ngày tải lên: 15/12/2013, 11:15

... sum of all the individual demands for a particular good or service. Catherine’s Demand Price of Ice-Cream Cone Price of Ice-Cream Cone Nicholas’s Demand 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream ... relationship between the price of a good and the quantity demanded Price of Ice-Cream Cone 0 2.50 2.00 1.50 1.00 0.50 1 2 3 4 5 6 7 8 9 10 11 Quantity of Ice-Cream Cones $3....

Ngày tải lên: 15/12/2013, 11:15

... considered a 40 per- cent fall. Because the midpoint method gives the same answer regardless of the direc- tion of change, it is often used when calculating the price elasticity of demand be- tween two ... together, such as comput- ers and software. In this case, the cross-price elasticity is negative, indicating that an increase in the price of computers reduces the quantity of sof...

Ngày tải lên: 15/12/2013, 11:15

... on labor-force participation. The labor-force participation rate measures the percentage of the total adult pop- ulation of the United States that is in the labor force: Labor-force participation ... million, the labor-force participation rate was Labor-force participation rate ϭ (137.7/205.2) ϫ 100 ϭ 67.1 percent. Hence, in 1998, two-thirds of the U.S. adult population were participati...

Ngày tải lên: 15/12/2013, 11:15

... has a fifty-fifty chance of hiring the compe- tent one. By contrast, if the firm offers any lower wage, it is sure to hire the incom- petent worker. In many situations in life, in- formation ... 601 was profitable for the firm. Henry Ford himself called the $5-a-day wage “one of the finest cost-cutting moves we ever made.” Historical accounts of this episode are also consistent with ......

Ngày tải lên: 15/12/2013, 11:15

... outcomes: efficiency the property of a resource allocation of maximizing the total surplus received by all members of society equity the fairness of the distribution of well-being among the members of society CHAPTER ... planner. The benevolent social planner is an all-knowing, all-powerful, well-intentioned dictator. The planner wants to maxi- mize the economic well-being of ev...

Ngày tải lên: 24/12/2013, 17:15

... that part of the disagree- ment may rest on different views about the elasticity of labor supply and the deadweight loss of taxation. “L ET ME TELL YOU WHAT I THINK ABOUT THE ELASTICITY OF LABORSUPPLY .” QUICK ... tax revenue. This chapter has shed some light on how high the price of civilized society can be. One of the Ten Principles of Economics discussed in Chapter 1...

Ngày tải lên: 24/12/2013, 17:15

... importer of a good, domestic consumers of the good are better off, and domestic producers of the good are worse off. ◆ Trade raises the economic well-being of a nation in the sense that the gains of the ... the losses of the losers. Now that we have completed our analysis of trade, we can better understand one of the Ten Principles of Economics in Chapter 1: Trade can...

Ngày tải lên: 24/12/2013, 17:15