Define and explain each of the following

Answereachofthefollowingquestionsinonetothreeparagraphs

Answereachofthefollowingquestionsinonetothreeparagraphs

Question
PartA:Answereachofthefollowingquestionsinonetothreeparagraphs
.Eachanswerisworth10points
.

1
. Assuming no government intervention,

describe the market behavior that should result if the price of a product is
belowits

equilibrium price; then describe the behaviorthatshould occur

if the priceis
aboveits equilibriumprice
.

2
. Howdoesinflationaffectpeople’sstandardsoflivingandsavings?

3
. Define
stock, bond,and
mutual fund
.What are the

benefits and risksassociatedwitheach of these investments?

PartB:Answereachofthefollowingquestionsinonetofoursentences
.Each

answerisworthsevenpoints
.

1
.

Suppose the economy isexperiencinginflation
.Whatwouldbetheinterpretationofhowarestrictivemonetarypolicywouldaddressthisproblem?

2
.



.png”>Describetwotypesofspecializationinproduction
.Whataretheeconomicadvantagesofspecialization?

3
. What are
political
business cycles

,and how could they be created?

4
. Why are financial institutions required to keepreserves?

5
. What isa 
price ceiling
,and what are its economiceffects?

6
.

Definetheconceptof
offshoring
,andexplaintheeconomicreasonswhybusinesses use

offshoring
.

7
.

What is meant

by 
economies of scale
,and what is the importance of this concept

to economicgrowth?

8
.

Define and

explain each of the following: 
frictional
unemployment

,
structural unemployment
,and 
cyclicalunemployment
.

9
.

What is the 
multiplier effect,and how does it

affect theGDP?

10
.

.png”>Define the term 
business cycle
,and listthe four phases of the

businesscycle
.

Answereachofthefollowingquestionsinonetothreeparagraphs

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