Answer:
It implies that the economy is in recession. Less than full employment equilibrium is a macroeconomic term used to describe a situation where an economy's short-run real gross domestic product (GDP) is lower than that same economy's long-run potential real GDP
Answer:
Quantity will rise, and the effect on price is ambiguous.
Explanation:
Music compact discs are normal goods. There is a positive relationship between the demand for the normal goods and the income of the consumers.
If the compact disc players become cheaper to produce then as a result all the producers start producing music compact discs and this will increase the supply of music compact disc. This will shift the supply curve rightwards.
And if the income of the music lovers increases then as a result the demand for music compact discs increases. This will shift the demand curve rightwards.
Therefore, these changes will increase the equilibrium quantity and the impact on equilibrium price is ambiguous because that will be dependent upon the magnitude of the shift of supply and demand curve.
Answer:
D) or E) (are this the same?) 50 units of grain and 130 units of incense
Explanation:
Agland has an advantage producing Organic grain, and Zealand producing Incense, So:
If Agland specialices in producing organic grain it would produce with 20 workers 200 units of grain a year.
If Zealand specialices in producing Incense, it would produce with 10 workers 150 units of incense a year.
This gives a Total combined output of 200 units of grain and 150 unit of incense a year.
Given that the total current output of the two countries is 150 units of grain and 20 units of incense it would increase in 50 units of grain and 130 units of incense.
If the government subsidizes colleges and sets the subsidy so that the efficient number of students enrolled The subsidy is $ 1000 per student and 6 million students enroll.The cost to the taxpayers is $ 6 billion.
A subsidy or government incentive is a form of financial aid or assistance provided to a sector of the economy (business or individual), generally for the purpose of promoting economic and social policies. [1] The term subsidy generally comes from governments but can refer to any kind of support, including NGOs and implied subsidies. Subsidies come in many forms, including direct (cash grants, interest-free loans) and indirect (tax relief, insurance, soft loans, accelerated depreciation, rent refunds)
They may be broad or narrow, legal or illegal, ethical or unethical. The most common form of subsidy is a producer or consumer subsidy. Producer/production subsidies ensure an advantage for producers by providing either market price support, direct support, or payments for factors of production[3]. Consumer/consumption subsidies generally reduce the price of goods and services to consumers. For example, in the United States, it was cheaper to buy gasoline than bottled water
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