Related to the Economics in Practice on page 36: The results of the survey conducted by Esther Duflo and Abhijit Banerjee found that in extremely poor societies
A. all consumption decisions are made by the government.
B. household choice plays no role in consumption decisions.
C. the only consumption decisions in which household choice plays a role is in the consumption of biological needs such as food.
D. household choice even plays a role in non-food-related consumption decisions.
Answer: D
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In what way did the Dodd-Frank Act reduce bank revenue?
A) It increased the amount banks had to pay on interest to depositors. B) It reduced fees banks could charge when customers took out loans. C) It reduced the amount of interest banks could charge on mortgages. D) It capped the fees that banks could charge stores for debit card transactions.
Monopolies are discouraged in the United States because
A) they are more efficient than other industries. B) they can produce at lower cost in the short run. C) they restrict output and boost prices. D) they hire too many workers.
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?
The short-run average total cost curve is U-shaped because:
A. average fixed costs decline continuously as output increases. B. of increasing and diminishing returns. C. of economies and diseconomies of scale. D. minimum efficient scale is encountered.