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. 1-Why may countries with significant immigrant populations have more entrepreneurial spirit. [4 marks] 2-discuss the risks and rewards of running a business.[7 marks]

  3. efficient allocation of resources is achieved to greatest extent under-:
    A) Monopoly
    B) Perfect competition
    C) Monopolistic copetition
    D) Oligopoly

  4. Is it possible the phenomenon to have
    a relationship between GDP and house prices where
    an increase of the mean GDP to lead to decreased house prices?

  6. what is the importance of economics to you as individual, and as in relation in to your course (accountancy).

  8. if you operate a business in a perfectly competitve market and the current market equilibrium price is $12 per unit: show on the diagram demand curve you face?

  9. Using diagrams to illustrate answer explain how a reduction in taxation can affect the equilibrium in the IS – LM model.

  11. hi,

    ”prices are competitive and determined by the maket.”

    How can i use a diagram to explain this?

    also, for example,

    it has been estimated that the income elasticity of demand for take-away food is +1.5,
    what does this estimate mean?
    What significance would this be to the take-away food shop owners?

    Finially, What does ‘economies of scale mean’?

    Can you think of an example of this which would benefit the take away business?

    Thanks

  12. Macroeconomics homework help?
    1. Your study partner is confused by the upward-sloping shortrun aggregate supply curve and the vertical long-run aggregate supply curve. How would you explain why these slopes differ?

    4. A fall in the value of the dollar against other currencies makes U.S. final goods and services cheaper to foreigners even though the U.S. aggregate price level stays the same. As a result,
    foreigners demand more American aggregate output. Your study partner says that this represents a movement down the aggregate demand curve because foreigners are demanding more in response to a lower price. You, however, insist that this represents a rightward shift of the aggregate demand curve. Who is right? Explain.

    10. Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank, if possible, your
    most preferred to least preferred type of shock: positive demand shock, negative demand shock, positive supply shock, negative supply shock. How would you rank them and why?

    13. Using aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, explain the process by which each of the following economic events will move the economy from one long-run macroeconomic equilibrium to another. Illustrate with diagrams. In each case, what are the short-run and long-run effects on the aggregate price level and aggregate output?
    a. There is a decrease in households’ wealth due to a decline in the stock market.
    b. The government lowers taxes, leaving households with more disposable income, with no corresponding reduction in government purchases.

  13. I am having trouble with Elasticity of demand and the question I have is Explain why it is or is not possible to calculate the elasticity of demand for alcohol consumption for the state situation? If you can help me find somewhere that will help me understand this better I would appreciate it.

  15. Suppose that we had a situation where the interest elasticities of both money demand and investment were quite low. Using the IS-LM model, compare the effectiveness of monetary and fiscal policy in terms of raising and lowering real income. How do you interpret this situation?

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