1. 123456 789101112 131415161718 192021222324 252627282930 Explain a diagram

2. Exchange rates Home

3. MSC MPC MSB P Q P* Q* Welfare loss Negative externality of production Externalities Home

4. MSC MPC MSB P Q P* Q* Welfare gain Positive externality of production Externalities Home

5. Natural monopoly Home

6. Price/cost Output MC MR D=AR AC P c a b q Monopoly Home

7. Price/cost Output MC MR D=AR AC P C q Profit Home

8. D S domestic S world PePe PwPw Q1Q1 QeQe Q2Q2 0 S world + tariff Q3Q3 Q4Q4 P w+t Tariffs Home

9. D S domestic S world PePe PwPw Q1Q1 QeQe Q2Q2 0 Q3Q3 S domestic+ subsidy P w+S Subsidies Home

10. D S domestic S world PePe PwPw Q1Q1 QeQe Q2Q2 0 Q3Q3 S domestic+ Quota P quota Q4Q4 Quota Home

11. Circular flow Home

12. Price (P) Quantity (Q) S S1S1 Supply Home

13. S D Price ($) Quantity P Q D1D1 Q1Q1 P1P1 Demand Home

14. SRAS AD Average price level Real Output (Y) P Q AD 1 Q1Q1 P1P1 Demand pull Home

15. SRAS AD Average price level Real Output (Y) P Q Q1Q1 P1P1 Cost push SRAS 1

16. Price (P) Quantity (Q) D p q D1D1 q1q1 Demand and substitutes Home

17. Price (P) Quantity (Q) D1D1 D p qq1q1 Demand and complements Home

18. SchoolsY Cars X PPP Home

19. Average price level Real output (Y) LRAS AD P YfYf AD 1 P1P1 New classical Home

20. Average price level Real output (Y) LRAS AD P YfYf Y Deflation gap (output gap) Deflation gap Home

21. Average price level Real output (Y) LRAS AD P Y1Y1 Y Inflation - Keynes AD 1 P1P1 Home

22. Keynes vs Hayek Home

23. D Price Quantity 5 10 15 10 5 a b c PED Price from 10 to 7 – 30% Quantity from 8 to 10 – 25% PED? Home

24. Elasticity Home

25. Price (P) Quantity (Q) S S1S1 qq1q1 p Supply Better technology Home

26. S D Prices ($) Output (Q) P Q Surplus Home

27. Real GDP Time Actual output Business cycle Home

28. Cumulative percentage of total income Cumulative percentage of total population Country A Country B Lorenz Home

29. 543210543210 1234512345 Country A Country B Bacon (kg) Beer (litres) Comparative advantage Home

30. Low income Low economic growth Low level of savings Low level of investment Low level of human capital Low education and health level Low productivity Poverty trap Home

31. Quantity of potatoes demanded Income Engels Home