Ask Economics Question

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You are welcome to ask questions on Economics.

I will post the answer on this blog, for everyone to benefit from.

I shall try to answer the economics question and / or point to other resources but please bear in mind.

  1. The replies will be guidance and not for duplication. Your essays should always be your own work.
  2. My speciality is economics for British A Level standard. My university economics is rusty in parts, because generally I don’t use it in teaching A level economics.
  3. I can’t guarantee to always give answers it also depends on my time schedule.
  4. The aim is not to do people’s homework for them, but, help in the understanding of economic concepts.
  5. The answers will not necessarily be complete. I know several of my essays on this site could be improved.
  6. Please Write the Questions clearly and with proper spelling. Some questions I have not answered because they were not clear what was meant.
  7. I will answer as a new post. Check home page of blog for new post. With question and answers

I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.

If you find the information useful, you are welcome to buy me a coffee 🙂

579 thoughts on “Ask Economics Question”

  2. Greece has a current account deficit of almost 14% (!) of gdp and greece is a member of the EU. How can it resolve the problem if it cannot devalue the currency ( the quick way out, which was used in the past when the greek drachma was around) and when productivity is so low and consumer spending is holding up due to EU money/subsidies and “black” money? Are we in for a crisis and if so what does it mean for the EU?

  3. Using the standard demand and supply model explain what the level of employment and wages should be. Explain the impact of frictional unemployment (i.e., matched demand and supply) on the level of employment. How do efficiency wages and insider-outsider models affect the wage rate and level of employment? How would cyclical unemployment affect labor demand, employment, and the wage rate?

  4. Hi there i just wondered if there was any chance you will be able to answer the following question.

    Explain the effects of an unexpected increase in Consumers’ Expenditure on GNP in an open economy with a government sector, using both Keynesian cross and 45 degree diagrams. (60 Marks)

    Then explain the effect of the GNP change on
    (i) the budget balance (20 Marks)
    (ii) the trade balance (20 Marks)

    In the answer i am meant to explain the process by which the economy moves to a new equilibrium, including the multiplier and use diagrams wherever possible and explain them fully. Aslo to explain some key macroeconomic mechanisms. Use diagrams based on the simple Keynesian model.

    Thank you for your time and help.

  6. Suppose that the supply and demand equations for widgets are given by the following:

    Qd = 150-7p

    Qs = -30+2p

    At the market equilibrium price and quantity, what is the elasticity of demand?

    I did -7(20/10) the coefficient before price multiplied by price of quantity

    Suppose that the supply and demand equations for widgets are given by the following:

    Qd = 150-7p

    Qs = -30+2p

    At the market equilibrium price and quantity, what is the producer surplus?

    Suppose that the individual demand curve for football tickets is given by:

    Qd = 6 – P/20

    and the price of football tickets is $40.

    What is the consumer surplus of the individual with this demand curve facing this price per ticket.

    10 points Save
    Suppose that the individual demand curve for football tickets is given by:

    Qd = 6 – P/20

    and the price of football tickets is $40.

    Suppose that if you want to buy ANY game tickets, you are forced to buy all 6 tickets at $40 each. What is the consumer surplus of the individual?

    Thankyou for reading and have a great day

  7. I have two questions I really need help on:

    1. Why might the public ignore future tax liabilities when making spending decisions?

    2. How can a smaller government fiscal deficit cause a larger international trade surplus?

    I need structural guidance on these two questions. Your help will be greatly appreciated. Thanks.

  8. 1) What determines the world price of grain?

    2) How does the EU agricultural policy influence the world market price on grain?

    3) What will happen to the price of grain if the EU removes all subsidies on the grain area?

    4) If all support in the world was removed from the grain market would there then be perfect competition on this market?

  9. EFFECT OF UNEXPECTED INCREASE IN CONSUMER EXPENDITURE ON GNP with a goverment sector using both keynesian cross and 45 degree diagrams

  10. This question is about terms of trade between two countries in two goods, China and France, Cola and Chocolate. The following are opportunity costs for both goods.

    Chocolate – China 2 cola; France 3 cola
    Cola – China 1/2 chocolate; France 1/3 chocolate

    Who benefits more at each of the following terms of trade?

    2.25 cola per chocolate
    2.5 cola per chocolate
    2.75 cola per chocolate

    I am curious, is it safe to assume that the terms of trade where each country benefits equally lies directly inbetween their respective opportunity costs? How do you calculate the net benefit for an individual country?

  11. Explain the effects of an unexpected increase in consumer’s Expenditure on GNP in an open economy with a government sector, using both keynesian cross and 45 degree diagrams.
    Then explain the effect of the GNP change on
    (I) the budget balance
    (II) the trade balance

  12. Explain the effects of an unexpected increase in Consumers’ Expenditure on GNP in an open economy with a government sector, using both Keynesian cross and 45 degree diagrams?

    could you please help me in this essaqy question thanks

  13. if a developing country has a comparative advantage in primary products,should the government allow market forces to dictate the pattern of trade?

  14. 1. The following table gives how many identical resource units (ru) it takes to produce 100 cars and 5,000 computers in the United States and China.

    United States China

    100 cars 16 ru X

    5,000 computers X 15 RU

    Fill in the two blanks with a number for the ru that it takes for China to produce 100 cars and a number for the ru it takes the United States to produce 5,000 computers. United States having an absolute advantage in the production of both cars and computers but also shows that it does not pay for either country to trade with the other—neither country has a comparative advantage in the production of either good.

  15. Explain the effects of an unexpected increase in consumer’s Expenditure on GNP in an open economy with a government sector, using both keynesian cross and 45 degree diagrams.
    Then explain the effect of the GNP change on
    (I) the budget balance
    (II) the trade balance

    could you please help me on this question plzz. thanx

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