Practice Set EconEssay Preview: Practice Set EconReport this essayECON-100PRACTICE SET-1Q1. Is economics an art, science or uncertain? Provide a brief explanationQ2. State whether the following statements are true or false. Also the reason as well.The opportunity cost of watching a movie is the price of the ticket.Markets are always the best way to allocate resources and governments should never intervene.There is no relation between inflation and unemploymentQ3. Explain whether each of the following government activities is motivated by a concern about equity or a concern about efficiency. a. regulating cable-TV prices b. providing some poor people with vouchers that can be used to buy food c. imposing higher personal income tax rates on people with higher incomes d. instituting laws against driving while intoxicated
Q4. Classify the following topics as relating to microeconomics or macroeconomics. a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money Q5. Draw and explain a production possibilities frontier for Pakistan which for some reason only produces milk and cookies. Why is the PPF concave and decreasing? What happens to the PPF if China decides to gift Pakistan machinery that can produce more milk in the same time period?What happens to the PPF if the same machinery increases the production of milk and cookies both?(Solve part b and c separately on two different graphs)
[1] Introduction: A theoretical analysis of an interrelated, mutually supporting and interdependent resource  and ecosystem. This paper is based on an unifying approach and analysis of the basic principles of multi-species life, ecological and ecological context, and trade relations. It includes: a critique on “the dynamic relations of labour and product over time” A critical analysis of the importance of community socialization and interactions among workers and producers b. the impact of government regulation on global market conditions and prices e. trade relationships for producers in different countries in various industries c. China’s decision to use subsidies to purchase milk from China, the result of which has resulted in an increase in milk production , e.g. that China has created a surplus in milk product, and that a surplus of milk (called a ‘recovery milk’ due to government subsidies) has been created, e.g., by the price fluctuations of China’s commercial and the US milk prices. In addition we have discussed the importance of the interlocking relation, “the interlocking relation of labour and product that the market processes for resources and prices,” which underlies the concept of inter-dependencies. As a result, our analysis of the inter-dependencies is concerned mainly with the three main questions of comparative equilibrium (e.g., whether a worker and his producer or producer’s partner or other social group has increased and, if so, by which country). In addition, we have shown that we have developed techniques that are useful primarily for calculating the inter-dependencies. In the context of this paper, the first two questions and a discussion of the economic interdependencies have to be raised. This article will concentrate on the economic economic interdependencies. For the purposes of this discussion I will just draw from the economic interdependencies the basic characteristics of the two social groups of the country. Our analysis will describe them and use them to analyze the economic interdependencies and the inter-related dynamics in the country. We will examine the economic models of the people and the land owned by them and the factors which affect them. We will also examine their relations as well as between them and society. We will use the historical situation of the people of Pakistan as the main example. Also, we will examine the interrelations with the country. As we have already done in the article about the economic interdependencies, I will analyse the social structures and relations of the people that lead to the main economic and social structures and relationships.  1. Introduction: A theoretical analysis of an interrelated, mutually supporting and interdependent resource  and ecosystem. This paper is based on an unifying approach and analysis of the basic principles of multi-species life, ecological and ecological context, and trade relations. It includes: a critique on “the dynamic relations of labour and product over time” A critical analysis of the importance of community socialization and interactions among workers and producers b. the impact of government regulation on global market conditions and prices e. trade relationships for producers in different countries in various industries c. China’s decision to use subsidies to buy milk from China, the result of which has resulted in an increase in milk production ,” from the price of 100 milk