At the time of Carol's 10 year high school reunion she was earning $30,000 and the CPI was 90. Now that it is time for her to attend her 20 year high school reunion, Carol's income has risen to $65,000 and the CPI is 200. At her 20 year reunion, can Carol rightfully brag that her real income has risen since the last time she saw her former classmates ten years ago?
A) Yes, Carol's real income rose during that 10 year period.
B) No, Carol's real income fell during that 10 year period.
C) No, Carol's real income remained constant during that 10 year period.
D) It is impossible to determine what happened to Carol's real income.
B
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When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.
A. demand schedule B. market price C. quantity supplied D. demand curve
A firm realizes that the market price has fallen below its average total costs, and it is now earning a loss. What is the best action for the firm to take in the short run?
A. Shut down if price is greater than average variable costs. B. Produce where MC = MR to minimize losses if P < AVC. C. Shut down if total revenue is less than fixed costs. D. Produce where MC = MR to minimize losses if P > AVC.
After this short reminder at the top: write an essay discussing the economic impacts of the shock on Turkey's economy. In your article, discuss the effects of this economic shock on Turkish economy using the concepts of GDP growth, inflation, unemployment, money markets, interest rates, aggregate supply and aggregate demand. Use a narrative based on the economic theories we saw in the course. Connect your ideas to each other with a scientific background. Give policy suggestions to shorten the effect of this shock on Turkish economy. While giving the policies keep in mind and state the constraints that the Turkish economy currently facing. Articles that are not scientifically written or written on internet slogans may not bring you the points you want.
What will be an ideal response?
Injunctions are good remedies for problems where damage has already occurred.
Answer the following statement true (T) or false (F)