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Questions and Answers
(1071 solutions)

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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

Jones Construction Company is building a series of new subdivisions in Newtown over the next two years. Jones enters into a verbal agreement with Harley Concrete Inc. to construct all the driveways and sidewalks in the subdivisions that Jones will be building. Jones and Harley agree on a price of $130 per cubic yard and that Jones will pay Harley at the end of each project. Harley completes the first project, which is four sidewalks and sixteen driveways, and bills Jones for the project. Jones decides that the price is too high and refuses to pay, claiming that they have no obligation to pay because the parties did not have a valid contract. If Harley sues Jones for payment the court would probably:

hold that Harley is entitled to nothing because the contract violates the Statute of Frauds.

apply quasi contract theory and award the fair market value of the work that Harley completed.

hold that Harley is entitled to nothing because parties are free to terminate contracts if they so choose.

apply quasi contract theory and award $130 per cubic feet, the contract price, to Harley.

apply quasi contract theory and award the fair market value of the work that Harley completed....

Posted by Cleveland on September 13, 2024

Mia contracted with Greencare Lawn Service for a pest treatment on Mia’s lawn for $1,000. Pat lives next door to Mia. Greencare mistakenly treats Pat’s lawn instead of Mia’s. Pat watched them perform the treatment while looking through the window of his living room, but did not go outside and stop them. When Greencare seeks payment from Pat, Greencare can probably receive:

from Pat an amount less than the contract amount that will reimburse Greencare for expenses incurred, in order to avoid unjust enrichment.

$1,000 from Mia, because there was a contract.

nothing, because Greencare’s contract was with Mia, not Pat.

$1,000 from Pat, because Pat received the full value of the service.

from Pat an amount less than the contract amount that will reimburse Greencare for expenses incurred, in order to avoid unjust enrichment....

Posted by Cleveland on September 13, 2024

Zayn boards the Big Rock Metro to ride downtown to his job. Zayn gives his money to the driver and takes his seat. Neither the driver nor Zayn says anything. Zayn and the bus driver:

have no contract.

have an implied contract.

have an express contract.

have a formal contract.

have an implied contract....

Posted by Cleveland on September 13, 2024

he graph included below approximates United States business cycles between quarter one of 1955 and quarter three of 1959. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP).

Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls.

Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as .

True or False: Short-term fluctuations in real GDP are irregular and unpredictable.

True

False

Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1957? Check all that apply.

Corporate profits declined.

The unemployment rate increased.

Total real income declined.

Consumer spending increased.

Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to asthe business cycle .Points:1 / 1True or False: Short-term fluctuations in real GDP are irregular and unpredictable.TrueFalsePoints...

Posted by Cleveland on September 10, 2024

Policymakers are said to "accommodate" an adverse supply shock if they _______.

a. respond to the adverse supply shock by increasing aggregate demand, which further raises prices

b. respond to the adverse supply shock by decreasing short-run aggregate supply

c. respond to the adverse supply shock by decreasing aggregate demand, which lowers prices

d. fail to respond to the adverse supply shock and allow the economy to adjust on its own

a. respond to the adverse supply shock by increasing aggregate demand, which further raises prices...

Posted by Cleveland on September 10, 2024

According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause _______.

a. prices to fall and output to remain unchanged

b. prices to rise and output to rise

c. prices to rise and output to remain unchanged

d. prices to fall and output to fall

c. prices to rise and output to remain unchanged...

Posted by Cleveland on September 10, 2024

se the exhibit to answer the questions 17–18.

Suppose the economy is operating in a recession such as point B in the graph. If policymakers allow the economy to adjust to the long-run natural level on its own, _______.

a. people will raise their price expectations and aggregate demand will shift left

b. people will raise their price expectations and the short-run aggregate supply will shift left

c. people will reduce their price expectations and aggregate demand will shift right

d. people will reduce their price expectations and the short-run aggregate supply will shift right

d. people will reduce their price expectations and the short-run aggregate supply will shift right...

Posted by Cleveland on September 10, 2024

se the exhibit to answer the questions 17–18.

Suppose the economy is operating in a recession such as point B in the graph. If policymakers wished to move output to its long-run natural level, they should attempt to _______.

a. shift short-run aggregate supply to the left

b. shift aggregate demand to the left

c. shift aggregate demand to the right

d. shift short-run aggregate supply to the right

...

Posted by Cleveland on September 10, 2024

Which of the following events shifts the short-run aggregate-supply curve to the right?

a. An increase in government spending on health care

b. An increase in price expectations

c. A drop in oil prices

d. A decrease in the money supply

e. None of the answer choices are correct

c. A drop in oil prices...

Posted by Cleveland on September 10, 2024

tagflation occurs when the economy experiences _______.

a. falling prices and falling output

b. falling prices and rising output

c. rising prices and rising output

d. rising prices and falling outpu

d. rising prices and falling output...

Posted by Cleveland on September 10, 2024

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