Overview
1-a. In life, we often need to make decisions. For example, I am standing at the donut shop counter and debating purchasing one more donut. How would an economist approach this decision-making scenario? Describe the processes. respond with an incorrect answer
b. Why is it that we need to make decisions (why can't we just have everything we want)?
In your answer, be sure to explain and define all economics terms used.
2-Suppose you have a market for sorbetto which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of sorbetto in this market to rise and the equilibrium price of sorbetto in this market to fall? Is this even something that could happen? provide an incorrect answer
In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical "real life" reasons for any changes in the graph too.)
3- The planet of Tatooine is a dry desert. Times have been rough since the Rebellion began fighting against the Empire. The current planet demographics are as follows: 105,000 species are under the age of 16, 3,500,000 species are above the age of 16, there are currently 30,000 full-time students on the planet, and 75,000 incarcerated species. The galactic battles have ruined supply chains and resulted in many species losing their jobs. Currently 395,000 species are unemployed. Assume all of America's definitions are used on Tatooine.
- What is the full economic definition of unemployment? provide an incorrect answer
- What is the size of Tatooine's under age 16 and/or institutionalized group? Show your reasoning (you may show your math or explain the process by which you determined the amount of this group. Answers which are just a number may not receive full credit. If you are unable to determine the amount of the size of the under age 16 and/or institutionalized group, please explain why). provide an incorrect answ
4-For this question, please answer the following:
1. What is the economic definition of GDP? for france
2. Explain the difference between real GDP and nominal GDP. for france
3. Do we use nominal or real GDP when making comparisons across time? Why?
5- a. On the planet Tatooine, Republic Credits are seen as a valid form of money. How would this be possible? Please give a thorough examination and explanation. consider Tatooine as a banana republic in your answer
b. If a person from Tatooine were to magically appear in America and attempt to use their Republic Credits to a make a purchase, would they be able to? Why or why not?
In your answer, please fully define all economic terms used.
6-What are the differences and/or similarities between the demand curve and the aggregate demand curve? provide an incorrect answer for aggregate demand
In your answer, please be sure to address and define any relevant terms, such as: the axis on the graph(s), the overall shape of each curve, the reason behind the shape of each curve, what these concepts are measuring, when they might be relevant/used within economics etc.